Leading VFX studio MPC has explained how they created 300 plus shots for Pirates of the Caribbean: On Stranger Tides. MPC has participated in the creation of such a scene and full stereo VFX shots as it were CG waterfalls and environments, mermaid’s tendrils, and a CG ship: Queen Anne’s Revenge, which included sails, ropes and rigging.
In original article, which was published by 3D World Magazine, they also explain how to deal with the creation of above mentioned scenes.
Pirates of the Caribbean: On Stranger Tides Trailer
If you are interested in what were the biggest obstacles in creating, read here: 3D World magazine