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Bug
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Resolution: Incomplete
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None
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Minecraft 1.8, Minecraft 1.8.1-pre2, Minecraft 1.8.1-pre3, Minecraft 1.8.1, Minecraft 1.8.2-pre6
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None
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Java 8 64 / 32 bit
Java 7 64 / 32 bit
Windows 7
Windows 8
Wide ranges of system specs.
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Community Consensus
If you will see this forum: http://www.minecraftforum.net/forums/minecraft-discussion/recent-updates-and-snapshots/2205517-i-think-i-found-the-source-of-the-lag
It describes an in-depth description with proof, that water and lighting effects aren't optimized and are causing framerate issues. I, myself have been noticing the same bug. Walking past or near lakes, oceans, rivers, waterfalls, ect. causes immense, annoying framerate drops. There are screenshots and line graphs in the forum that shows precisely how to framerate drops have been occurring.