The exposure time for what I call a "wispy water" shot really depends on the place, concept, and time of day. You will find that in certain conditions and under certain light, a particular time will work best. What I suggest is bracketing your exposure starting from well faster than one second (1/25, 1/30) and then working your way down to as long of an exposure as your camera can facilitate and expose for properly.
Here are two random example from random photographers that I found that basically outline the extremes of the shutter speeds that have an effect.
This shot being the fastest shutter speed and this shot being the slowest.
In your example I think you hit it spot on, for this shot at least. It is rather minimalistic and IMHO bordering on slightly boring, but you achieved the effect which I think was what you were looking for. I would crop off about 3/4 of the sky in this also, just because it really doesn't add anything and the horizon line is already so high in the composition as it is. Overall, I think it is a good, clean effort at the effect, but in the future I would try and look for more strong visual anchors and posibly invest in a 3 or 4 stop Neutral Density filter (I think Singh-Ray makes a ND filter that you can switch between 1,2,3, and 4 stops).
Just my two cents... I don't mean to sound harsh! Just wanna help :)
Lee
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