They should have fixed the primitive water-pane behavior by now.
If the camera isn't fully submerged or fully above water the zone settings of over- or under-water are applied to the whole screen. Meaning that by tilting your screen at the right angle you can see underwater with the view-distance of not-underwater, as seen in the screenshot in the spoiler-tags below. The opposite is possible too, if you want to look around the world with a horrible brown tint and really murky draw-distances.
Morrowind is old enough to be excused, Oblivion is kind of on the verge, but Skyrim is definitely new enough that STILL having water-zones behave like this is unacceptable, imo.
UT3, I think, is the first game I saw that did this properly. If you had your screen at water-level the upper half would look normal, and the lower half looked like it was under water.
Why can't Skyrim have this?