Really great that this subject has come up for discussion - thanks for the really good explanation and sharing, Fractaldimensia.
I have also been playing around with getting a decent ocean using terrains and got some reasonable results.
My trusty old PC died this week, so can’t show results (Right now I’m using a small laptop that is only used for e-mail and such). Will hopefully be able to recover the HD this weekend and be able to join in.
Couple of tricks which I can add, though. I found it difficult to get a balance between choppy and jagged, so your example will help me there. What has worked and worth trying is that as a starting point I’ve used a free app Caustic Generator, which generates fake caustic maps as a heightmap in the terrain editor.
Distant lights under the surface, pointing upwards, help to give the ocean some depth
The terrain responds well to the wave modifier, which can be animated . Once got a pretty good motorboat animation using Sparrowhawk’s Follow Terrain plugin.
Looking forward to seeing a lot more great ideas - I too am a great ocean fan.