r_water is 1. trust me, it's impossible not to notice, because the water disappears completely if r_water is 0. 
the problem for me is that reflections are not as 'strong' as they should be. not the distortion, but the actual visiblity of the reflection is very pale.
i've tried messing with r_water_reflectdistort before.
you can see the differences, but it doesn't fix the base problem, that the reflections are not 'strong' enough. like, they are really really pale. as if the shader had an extremely low reflection setting (like 0.1).
for me, if i change the shader to have 10.0 reflection, what it should look like is a perfect mirror showing a really really over brightened image. but what i actually see is the over brightened reflection in a very pale way, and i can see through the water still with that setting, which should be impossible.
here are some screenshots with varying settings:

this is with r_water_reflectdistort 1.0
i've tried this a week ago, before things got messed up and it looks very shiny and shimmery. like the water was made of chrome or something.
now it looks very dull and you can barely see the shimmers.

this is with r_water_reflectdistort 0.04 as seven suggested.
you can see a little bit how it should look. the reflection of the bright spot in the water is much more distorted, but it's very pale.

here is a modified shader with the following setting:
dp_water 10.0 10.0 2 4 0.6 0.75 0.75 0.75 0.75 0.75 1.0
note the 10.0 reflection setting. it should be _impossible_ to see through this texture. 1.0 is purfect reflection. 10.0 should be overkill.
but look at the whitened areas in the water, especially next to the gun muzzle. you can see the green rock texture under the water.
there seems to be some fundamental graphical thing that has changed on this machine.

the problem for me is that reflections are not as 'strong' as they should be. not the distortion, but the actual visiblity of the reflection is very pale.
i've tried messing with r_water_reflectdistort before.
you can see the differences, but it doesn't fix the base problem, that the reflections are not 'strong' enough. like, they are really really pale. as if the shader had an extremely low reflection setting (like 0.1).
for me, if i change the shader to have 10.0 reflection, what it should look like is a perfect mirror showing a really really over brightened image. but what i actually see is the over brightened reflection in a very pale way, and i can see through the water still with that setting, which should be impossible.
here are some screenshots with varying settings:
this is with r_water_reflectdistort 1.0
i've tried this a week ago, before things got messed up and it looks very shiny and shimmery. like the water was made of chrome or something.
now it looks very dull and you can barely see the shimmers.
this is with r_water_reflectdistort 0.04 as seven suggested.
you can see a little bit how it should look. the reflection of the bright spot in the water is much more distorted, but it's very pale.
here is a modified shader with the following setting:
dp_water 10.0 10.0 2 4 0.6 0.75 0.75 0.75 0.75 0.75 1.0
note the 10.0 reflection setting. it should be _impossible_ to see through this texture. 1.0 is purfect reflection. 10.0 should be overkill.
but look at the whitened areas in the water, especially next to the gun muzzle. you can see the green rock texture under the water.
there seems to be some fundamental graphical thing that has changed on this machine.
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