Yah, it is also a building and not actually water. That may help explain some criticisms.
Also, waves are white when they crest and hit the shore. Hence the name of a large wave, "WHITECAP". I don't understand the argument against white balconies. They will age just fine and be maintained well. Chicago isn't Detroit afterall.
For taking such a bold architectural leap, I say this building nears highrise development perfection.