Unity Water (Basic) Not Working properly?

Hello, I'm using Unity 4.5.2f1 and i just imported the packaged standard asset Water (Basic) into a brand new project. When I drag the water prefab into the scene, it is just a blue circle and there are no waves like there were in previous versions. I guess I'm just wondering if this is only happening to me, or is this asset now broken in this release? I Google searched to see if anyone else was having this issue, but didn't find anything. The unity docs page states "In most cases you just need to place one of the existing Prefabs into your scene (make sure to have the Standard Assets installed)". What am I doing wrong?

Thank you for your time, Bryon