I too had this water problem. I deleted the files and downloaded new. The download said 1.06 not 1.5 My system information confirmed it was the 1.06. Now I can't continue my Stormcloak's quest to the island because it is NOT there. The graphics just fall off, like a waterfall, just past Winterholden. If I try to continue I fall into the water but can't get out. When I go to Whiterun I have no buildings just floating doors. When I try to fast travel to Wreck of the Pride of Tel Vos, I return right back to where I was. When I fast travel to Windhelm, it looks like I am falling from the sky and I die when I land. How do I fix these problems?
I've never heard of any of those problems. I'd recommend doing the fix in the second post again, and make sure you follow the directions carefully. It may just be a freak issue that will be resolved if done again.
As far as the 1.06 v. 1.05/1.5, the numbers are not important so long as you're getting the most recent update from PSN.