I think if the speculars on the rocks are imagined to be from being "wet", then yes they would not shine this way as the specularity actually comes from the water surface, which here is now well above the rocks and flat.
If there was a bubble of air around each rock, you'd see a sub-surface specular effect too (different of course, the edge of the bubble...).
But anyway, that's only if we imagine the specularity comes from being wet. What if the rocks themselves are polished and shiny?
If that's the case then indeed they could be specular underwater. Nonetheless I agree the first image does appear to be showing "wet specular" and is probably not technically "correct" from that perspective.
Regardless, both are excellent.
- Oshyan
