I was cranky and took it out here which doesn't excuse my behaviour so I apologize to torminater, Nearox, and anyone else I attacked.
Relating to the flickering, I don't think my hypothesis above is true. I have a hunch, but I need to run some tests. Will post results later.
My first post was a fair questions /emo off though
It a bug with the 3d Vision driver. SLI in mode ARF 2 initializes with 3d Vision disabled still causes the water to render for 3d polarized glasses. Toggling it on and off causes the water to render correctly and in ARF2 mode. This is also why the effect disappears with SLIAA. It does not support under 3d Vision. That`s why it flickers between two coherent images that react to camera changes.
The z-fighting guide doesn't make sense when you talk about water ripples, especially vanilla water. DirectX9 z-buffers ordered on a logarithmically to emphasis the correct layering closest to the camera as it is most noticeable.
Can someone with SLI turn on ARF 2 and run around in water? If you can replicate it, it needs to be put into the troubleshooting guide. 3d Vision drivers have been unified as of release 260 and could affect anyone running SLI ARF 2.
Can someone else replicate this by using SLI ARF2 with a 3d vision driver installed but turned off?
The claim was a good water mod can hide this. I posted saying that I have experienced this problem with every water mod and in vanilla. I have used your z-fighting guide as well, it has an error in it and should only be considering a far away z-fighting fix. I'll write up a correction for you after I stop being pissed at your arrogance.