Showcasing damage effects on tankers, primarily. To maximize visibility, my Hellcat's cockpit is turned off. Bombs (1000 pounders) are unlimited. As a friendly force of capital ships lobs shells at a Japanese force, I bomb a few tankers, then a cargo ship, then fly past a Japanese BB to observe the big guns letting loose.
Note the shrapnel splash pattern when a bomb detonates above the water line against a ship (or bridge over a river). A near miss in water will not generate this shrapnel splash, but ship damage is of course still imparted. The old water ring effect, which was too short-lived and also expanded too rapidly, is replaced in cases of significant water impact with longer lasting patches of much more slowly expanding disturbance. This applies for bullet/cannon shell hits.
Toward the end, as I fly past that BB, observe the big gun fire and smoke effect.