I was in a one block deep, small pond and then pressed F5 to view behind me, and when I moved the camera below the surface of the water the screen went completely white. The same thing happens when the player is submerged in FirstPerson mode.
MOD EDIT:
Only occurs when wearing a Respiration X enchantment.
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is duplicated by 41
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[Mojang] Dinnerbone (Nathan Adams):
Any effect outside of those provided in vanilla circumstances should be considered unsupported officially and may or may not work as you'd expect.
Respiration increases the visibility of the player in water by 25% (not sure) per level, any other levels more than 3 will extremely brighten water visibility since it exceeds 100%, respiration X will give you 250% more visibility (level x 25%), making it very bright
(Minecraftwiki - Enchanting)
Unable to reproduce. Leaving it open.