Hey Zeauro ! My friend !!! (Zeauro and I talk together everyday about dynamic animation at the French Blender Community “Blender Clan”).
–> Zeauro : It’s funny to see that we have exactly the same idea at the same time. I just start testing rendering using Volumic Shader and Point density texture. I’ll tell you if i can get someting good with this technique.
And yes … it’s done using Blender 2.5.I use Line Rendering for Tracer particles, but with a really tiny lenght … nearly similar to point, but easier to render than “Halos”. :o Motion vector are extracted from the fluid itself and apply to the fluid AND the particles, producing the “Splash effect” at impact point. 
–> toontje : Thanks a lot for your comments … :o In that case, simulation is 100% Fluidsim. SPH is a really exciting feature and I really love it ! But isosurfaces are not implemented yet (as far as I know) and it’s really difficult to render giant wave without any surface …
But … in the same time, i test another technique using SPH and Billboard rendering and i achieve really realistic results for any kind of continuous flow of water like river, waterfalls, etc … I’ll show you when i’ll be totaly satisfied by the resulting render. At last, my project will probably be a mix of both techniques. To generate underwater bubbles, before Blender 2.46 i previously used “Static particles” who was destored by the mesh (Zeauro, did you remind my tutorial for Comupter Arts about TF1 jingles, with the green jelly shader ?). I guess it’s possible to reproduce this behavior with particles generated with “Volume” emission technique. I’ll test this in a few days. 
–> Atom : Thank you for the info about the 10 meter limit. I never heard about that
In this case, i think it’s not a real problem. By combining FluidSim and SPH/Billboard technique, FluidSim can be bake at really low resolution and finally “refine” (fake) using some modifiers like Subdivision, Displace … and more, as I used them in my video.
Like Zeauro … I’d really like Reactor particles to be back soon … it could be really usefull to automaticaly generate splashes at collisions.
Well, I’ll continue to work on this project (kind of a quest for me :)) and i’ll show any progression of there techniques.
Once again, thanks all for your feedbacks !!! 