It really depends on what kind of fluid behavior you're looking for.
If you're looking for something like the fluid in Feed Me Oil, then yeah, some complex SPH is the way to go. There's a rough implementation done up in jBox2d, see demo at: http://www.jbox2d.org/liquid/
If looking for buoyancy, Farseer does have a buoyancy controller that's a port from box2d. It's a shame really, farseer
did have something better with waves in v2.1.3 at http://www.farseergames.com/waterdemo
I would be very curious what kind of fluid will be coming out in 3.4 because I'm trying to add fluid in a project as well. I've resorted to reviving the 2.1.3 water code into 3.3 :/