thorn bird what you are saying is absolutely correct and the situation that the crew found themselves in could not be blamed just on the PIC. Round dials, low cloud very few options, I did my time in GA so I know what it is like however the RAlt was the one bit of equipment that I think could have been used to better effect than to work out where the water was. The cloud base was OVC 002 at the time of arrival. 200' is a CAT 1 minima so for a small jet continuing to 100' on a 3degree slope (which the approach chart states) will give you a good chance of seeing the runway. As I said before I don't think that ditching was the only option.
P.S What have you done with my old sparring partner Gobbledock? He seems to have disappeared.