The developers said and showed that in MCPE 1.2 we will see a new realistic Shader under water. Now that you are moving under water near you to raise the bubbles.
It looks very realistic, because at first raised a lot of bubbles, and when your oxygen level comes to an end - they become smaller.
This Shader can be changed for better quality and for this reason, many designers in any case will take its to change.
I am a professional from Minecraft PE Team that creates and publishes the best content for Minecraft players. We have been studying custom gameplay, modding features, as well as popular game themes for a long time. You can be sure that our materials are designed for the player to spend more time in the game world than usual. Additionally, our modifications will allow you to turn your game into absolutely any other theme. I'm also a pretty good player, so I'll try to answer any of the questions in the comments.