The problem is that I'm not seeing it from a gameplay perspective. From here, the non-CCed picture looks like a Christmas tree; it's a riot of colour, and looks pretty incoherent. However, when I'm actually playing it those strong colours will play a significant part in directing me.
Honestly, I can't judge between them - I'd personally work on the original lighting some more before delving into CCing.
Oh and a side note on water being in the cave - that's how they're formed, so ignore anybody who thinks it shouldn't be there.