Yes I am currently in the R and D phase of creating a set of photoreal reefs for the PW Sceneries packages.
This will only place phototextures for reefs - not any land (coz I hate photoscenery as a rule - but I think it works for water) and will compliment the existing waterclass. It is quite a bit of work and will involve a bit of playing around to get it looking right. These shots were done really quickly with very rough blend masks. You may notice that the reef textures don't quite reach the land. They will when I've finished and I may try and get a higher res on them too.
But no longer will only REX owners have access to nice water textures. This will be TOTALLY FREE!!!
This is in the very early stages - in fact tonight is my first attempt at doing this kind of thing!
...I think it came out rather well...
Some shots around Guadeloupe: