Funfact: CryEngine visibility calculation doesn't work in wireframe mode, therefore uninformed guys think that the ocean (and other stuff) is rendered all the time. IT ISN'T :D
PN Triangles are on. I have just turned wire frame to see if anything funky is going on and found that the wireframe is also not displaying around the camera, but is further away.
It doesn't look bad but I have the feeling you're spending a lot of polygons on something rather simple, and it could be pushed a lot further. Got some wireframes?