hi jbshorty good idea for water effect
i have an update material reflection i took marbel picture made it a bit transparent (200 from 255 not transparent in paint.net)
nice effect have a look

i dont know if Micheal can do some tune up for pictures like :

snape to pictures edges and corners when drawing and make it on or off in the snape setting
setting for each picture like transparency and position (above ,below,with) instead off globale that will make it easy instead off going to photo editing and back to moi
possible to select picture and see it as line from others views to move it
copying picture inserted
and edit directory for each picture (ex: if you move picture to another folder MOI will not see it any more only the frame is there) some how to look for it and keep the picture setting
like that when you open 3dm file in MOI with picture setting just point to the folder where the pictures are
and finaly a way to save the pictures inserted in a folder