Makes a big difference, since in my case I wanted rolling waves. Without the animation, the waves don’t roll, there’s some secondary motion in there that’s peculiar to waves, how the bumpy surface of the water slides across the swells. I ended up with 60 frames at 64x64, 8bit TGAs, the loop goes from crest to crest. Worth the memory cost in my case.
Here’s a really old render.
You can see it animating at the start of the video “Intro to GameToolkit Content Development.”
But with a better reflection map and specular it looks really nice. Wish I had some more recent videos to show you though, those captures are really out of date.