Not sure this is the best way to do it, but I just made a little test using CC mercury as a bottom layer to produce some droplets. Top layer, CC Blobbylize that was using a simple fractal noise to drive it, came out pretty nice, might give you some ideas to use.
"I have not failed 700 times. I have succeeded in proving that those 700 ways will not work. When I have eliminated the ways that will not work, I will find the way that will work."
---THOMAS EDISON on inventing the light bulb.
John's effect was a pretty great technique. You can also add in force motion blue and adjust the parameters to allow it to look a little more realistic. you can also tighten up the fractal noise a bit and change the birth rate and blob birth/death sizes too, minor tweaks, but he was definitely drawing up something cool