Habitat
Water lilies have evolved to take advantage of the support water offers, and the fact that aquatic environments often have far less competition for vital nutrients and resources than forests and grasslands. Because of the fact that they float, water lilies frequently have access to light which is unhindered by taller plant species, and they can tap into the nutrient-rich sediment located at the bottoms of water bodies.
Weak Stems
Weak stems are an adaptation which allow water lilies to focus their energy and resources on expanding their leaf network, rather than continually strengthening a stem. The water on which lilies float provides all the support traditionally offered by stems.
Stomata Placement
Stomatas are the pore-like openings on the surfaces of leaves which allow the exchange of oxygen and carbon dioxide --- essential components of photosynthesis. Water lilies have evolved so that all their stomata are placed on the upper surfaces of leaves, maximizing their air exposure, rather than throughout the surface of the leaves where water contact would impede the flow of these gases.
Flat Leaves
The leaves of water lilies lay flat in the water, rather than curling or crimping like the leaves of some other species. This maximizes their exposure to sunlight, and increases their efficiency during photosynthesis. This arrangement also allows for the intercellular tissue to easily share gases from the surface of the leaf to the submerged bottom part of the leaf.