PC 1.4.3: An eye for an eye, the Terraria x Don't Starve Together Crossover Update! Get all the details here. Found some bugs? Report them with as much detail as possible here.
Xbox & PS 1.4: NEW PATCH released Dec 7 - read the details here. Get all the info on the Journey's End update by clicking here. Known Issues and FAQ can be read here. For any other bugs, report them (with as much detail as possible) here.
Switch 1.4: Journey's End will launch on Switch January 4, 2022! More details here.
Mobile News: Stay up to date with the latest mobile news here. Report mobile bugs here
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Not sure, but I don't think so - I expect that will more likely come with 1.4.1, but I will check with DR. Remember, what you have now is sort of a "partial" implementation of the smooth water (assuming you are using Color lighting of course).