xkaes - would be nice if you could one day see one of my own SW waterfall prints, WITHOUT a polarizer of course, but see it in person, full 30x40 inch Cibachome print from 8X10 chrome film, or the scaled down 24X30 Fuji Supergloss equivalents done when my biggest color enlarger was down for service. Its full range of hues and tonality would be squelched if a polarizer had been used, not to mention the unwanted extra exposure time needed. Color neg response if somewhat different, of course.
Reflections are beautiful. Sparkle is beautiful. Over-saturation is annoying and kitchy. That's what Fauxtoshop is for. Treat polarizers like a pet rattlesnake; they need to be handled thoughtfully.
I agree completely as, it seems, everyone else does. I don't use a PL most of the time. But in the waterfall shot above, the reflection off of the water completely covered up the red rock underneath the water. A PL was able to restore what I could see with my eye, but the camera could not -- without moving it. This is a completely un-manipulated photo -- except for the PL, which did not intensify any of the other colors.
If I had not used a PL, the red rock on the bottom of the water fall would have appeared as glare -- bright white -- completely unnatural.
The same thing would have happened in B&W too -- an example of using a filter to make a subject look more realistic. But most of my waterfall shots are taken without a polarizer.