Filling up preloaders can range from block of letters filling up in colors, to the whole fake water thing etc. They are pretty common, but a preloader certainly shouldn’t be the main focus on a website. They’re simply to say hey I’m not stuck and you should see something soon. A really overused and common preloader is the apple loader used in most ajax based components. I’ve also noticed it a lot in Flash sites over the past year or so.
I always thought 2Advanced had some cool preloaders. I like the running text box effect that moves along with the loader bar. Simple and effective.