Yeah, I believe that's supposed to be water.
I LOVE intricate bases. I enjoy when bases don't come off as an afterthought and contribute to the story of the character and where they are.
For me, the more detail the better, though I suppose it's possible to go overboard.
I'd rather the base be apart of the statue than just the stand.
I do agree with you on the belly button though. Jeez that looks awkward. Did she go through a belly button lift or something?