Our game includes a "water" surface, a plane that uses the FX / Glass BumpDistort shader.
We have particle effects playing close to the plane, and we want the particles visibly distorted by the plane when behind it.
This works if the camera viewing angle is close to the normal of the plane (figure 1).
But the particles disappear if the camera is lowered towards a more "3rd person racing" angle (figure 2).

It also seems that particles close to the camera in Figure 2 are getting distorted, whether they are under or above the plane. So, some kind of sorting issue...?
Any idea what this is and how we can get around it?
We're in Unity 3 Pro.