Hi all,
This is what I am hoping water transparency will look like when finalized.  Though the rocks/textures are 100% TGTP, I used photoshop to compose them into a final image.  There is no known way to do this natively within TGTP at this point that I know of.  But I wanted to see what transparency could possibly look like when implemented.  The image demonstrates water transparency, color, and depth blur, with additional subsurface scattering to a slight degree...
We have a soft shadows workaround, and now a possible transparency workaround (though it requires minor 3rd party work).  I'm keeping my fingers crossed for a new TGTP update     

Many thanks to the Planetside team for their work so far!