The water table location is simply a variable normalized to the range of 0 to 1, where 0 represents that minimum water table location, and 1 represents the maximum water table location. Intermediate water tables are generated by varying the location of vertices along vertical lines, between the min and max water tables. So, if the water table location = 0.5 for example, this would represent a water table half way between the min and max water tables (i.e. if you drew a vertical line between the min and max water tables at any point, a water table location of 0.5 would have a y-coordinate half way between the min and max water tables at that x-location.
This is a simple method of generating water tables between min and max values.
There is currently no method of viewing the intermediate water tables which are generated, or obtaining their coordinates. You could do this manually, by using the water table location variable, to determine the actual coordinates.
See the Water Table Statistics help topic and tutorial for more information.