I certainly think so, but I've had people disagree with me on the matter before.
My thoughts from that other thread:
It does not create water since that is not explicitly stated and it doesn't have the creation descriptor.
However, it's a still a transmutation effect. It clearly expands and reduces the mass of water, similarly to how shrink item can reduce a boulder to a pebble or enlarge person can make a man double in height. If all it did was move the water, it would read more like telekinesis or mage hand. But it doesn't. It specifically states that it increases the water's depth and floods surrounding areas. THIS WOULD NOT BE POSSIBLE IF IT DIDN'T GENERATE MORE WATER.
Remember, it's a SIXTH level spell. That makes it MORE POWERFUL than the likes of teleport, overland flight, magic jar, plane shift, awaken, raise freaking dead and true seeing.
It's a POWERFUL SPELL. It's MEANT to be.
Feel free to house rule it to the power of a 1st-level or 2nd-level spell in your own games if that seems like too much to you, but I really don't believe that it simply "moves water around."
It's nearly useless in an open field where the water will just rush out into the open, doing little more than getting everyone wet. But in an enclosed space or out at open sea? That's where it can get real fun. ;D
In five years my thoughts on the matter have not changed.