Well, to a point. "Dead In The Water" ends pretty much identically to the novella "The Beguiling", in which Cain stumbles into an overwhelming threat, runs, and has it wiped out by well applied fire support.
The lack of Amberley's footnotes is especially jarring if you already listened to The Devil You Know, which actually does have them.
That said, while the audio dramas are incredibly well done, especially concerning the sound effects, they are indeed a bit on the short side. I would personally love to see the entire series done in a similar fashion, especially since I just discovered Graphic Audio's audio drama adaptations of the Night Angel and Mistborn series, which give empirical proof that longer works can also be adapted.
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Dead In The Water - Good, But Seems Half-Sized
For those who are confused, "Dead In The Water" is the first Ciaphas Cain audio drama from Big Finish. It's essentially another Ciaphas Cain story, set prior to his joining the Valhallan 597th. It details his participation in what seemed like one of the easiest and most one-sided campaigns ever fought by the Imperium. As usual, it didn't turn out that way.
The writing itself is classic Cain. Notably absent, however, are Amberley Vail's footnotes, or any other documents. The footnotes are an obvious casualty of the audio format, and the other documents are not necessary. Toby Longworth does a good job of giving every character a distinct voice (though I still suspect that someone else voiced Amberley's intro).
The real issue I have is that the story seems to end halfway in. Its length does seem to hew closer to a short story, but I think there is enough material here for a full-length novel. The villain isn't revealed until near the end, and isn't even defeated by the end. It all feels rather anticlimactic.