I can't view that page.. but I've a feeling I know what you're all talking about.
I can't think of the link off the top of my head, but the wobble, effect from "New Masters of Flash" would probebly cut it. That requires director skills as well I hear, though who know's with MX maybe it can be done.
Someone had posted something in the Flash 5.0 forum a few months back which did an excellent job of simulating water. It was still not like an Applete, but it was still quite excellent