I selected the water lily and a bit of the lily pad, copied it, pasted it and then threw away the background. Then I used the "Fractal Explorer Orbit Traps" filter on Pixel Bender to create the 5 points on the fractal and I chose 0 for the color alpha so it would have a transparent background. I added a layer behind the fractal and added the center of the water lily in the middle and a radial gradient. Then I added very tiny amounts of bevel and emboss + drop shadow layer style to the fractal layer. Then I added the 4 water lillies and the splatter frame.
Wish I could claim this workflow, but most of it is not mine. I got it from a fellow pixel bender.