Dave, with the water detail slider set towards the right, yes, there is movement, but just how convincing it is ..is probably down to the beholder ( it wouldn't pass muster with rufty-tufty old sea dogs like me and thee ).
The only way I can describe the movement is that it looks like a piece of rippled frosted glass, like that fitted in a bathroom window, but coloured dark blue, and being moved around beneath another piece of flat normal glass. At low wind speeds, there are small waves near the point of view and then at a certain distance away, it goes from small waves to rollers, as you can see in this picture taken from the A2A Cub. Not very good, really.
Once the wind gets up, it becomes a little more convincing, because the difference between waves close to the view point and those rollers further away is less marked, as you can see in this picture. Its still not right, but it is better.
People say that whitecaps are modeled, but I rather think they are mistaking the reflection of sunlight for white caps, as you can see in the picture above at lower left centre. I've never seen anything very convincing in that regard in P3D - IL2 Cliffs of Dover does whitecaps in the English Channel superbly well.
What you definitely don't have in P3D is the waves rapidly breaking against the shore that you have in FSX - which is a relief.
PS. By the way, if you haven't got A2A's Piper Cub, I do recommend it. I only got it recently, and am rather impressed.
