You can go all sorts of ways with mud, and while experimenting I came up with a tidal marsh environment; very wet mud and some stagnant water in the lowest parts, dried out and a bit eroded in the upper parts, which are covered in veggies. I can do better than this (yes, we can), but it's much better than it was , IMHO.
I was experimenting with displacement based on color, added smooth step and a bias function with a ridgy perlin as function input to get some sort of eroded edges. Lowest areas (which I kept quite smooth) with a RT reflective shader. This has the benefit of wetness moving up-mud, so to speak, not the harsh line when 'lake' meets land.