Thank you so much for fixing the lag/rubberbanding for multiplayer! I didn't notice it since I host, but that was causing so many issues that I had to set creatures to passive.
The experience of forging now feels just about perfect. The animation is well timed, and a single click once again moves or removes one voxel. However, rarely, I've single-clicked and had a voxel move twice instead of once, with only one animation and only one sound, and it seems to happen instantly.
I don't mind the new slowed mouselook/cursor movement in the water, but adding a checkbox in the options for that would likely be a good move. I bet you anything it gives some people the distinct sensation of seasickness.