A new fluid solver called Aquarius is out.

aquarius example imageAquarius is an original application designed to create smooth and realistic fluid water animations. Compared to existing particle-based fluid simulators which cause artificial bounce, Aquarius produces high quality visual effects of fluid movements without visual loss of volume. In addition, unlike Blob, it does not generate unnatural splash or roundness in the liquid surface. Aquarius can create high quality effects through control of various characteristics such as liquid flow, splash, bubble, vortex, viscosity, collision, and external forces. http://www.magicpics.com/aquarius/aquarius_index.html