Birds are very light, as you note, their bones are almost hollow.
When an object is submerged in water, it submerges to a depth where the mass of the displaced water equals the mass of the object*.
Hence a light bird (and they really are very light) will displace a very small mount of water and so not sink very much at all. Hence so much of the bird remains above water.
Also, again as you note, the feathers play an important role in your perception of how submerged a bird is. The submerged part will have feathers pressed down against the body, reducing apparent size, whilst feathers above the water will be at least partially away from the body, increasing apparent size, and thus distorting the proportions of submerged and non-submerged bird.
*edited for accuracy. Alternatively, James writes:
The upthrust from the liquid depends on the volume displaced - if it's greater than the total mass of the body, then the body will float (mass of displaced volume of liquid = mass of floating body), otherwise it will sink (mass of displaced volume of liquid < mass of immersed body).
Last edited by Peter Falkingham (30th Jan 2008 12:03:03)