Quote: "- Is it possible to change the level of the water plane in game via the use of scripts to allow numerous situations and settings involving water within the same level ?"
Yes, the water level can be raised/lowered with scripts.
Quote: "- Is it possible to change the amount of bloom being used via the use of scripts in the same way that ambient light and fog could be controlled in FPSC X9 games in this way ?"
yes, bloom and lightining features are editeable as well.
Quote: "- Are there actually any volumetric smoke / soft particle effects or features in X10 yet and if not are there going to be and is it still going to support them ?. I seriously hope so given that it was showcased in the technical demos."
Yes, at least soft smoke is possible. Soft-particles can be turned off if they cause too much trouple as well.
Quote: "- Whats the deal with FPSC X10 folders being installed to the root program files directory and user 'documents' folder? Does this have any impact on where you need to place custom media etc?"
Not sure why it uses so many different folders, but yes, you gonna have to be sure you have correct files in the correct folders.
Quote: "- Now that FPSC X10 has support for C++ shaders, will this mean there is better support for community created custom shaders to be developed and enjoyed?"
Uhh, yes? At least the current ones are fully editable. With custom "textures" you can make many various effects.