The main point is if you drop it in a pond or down the loo it will remain perfectly un-water damaged.
Droid X - Rockin Liberty ROM Still going strong! i don't really communicate with it any more but I still use it!
Fortunate for me, I have a plan where if my iPhone is damaged, I can replace it with little charges.. And I work a decent paying job now so basically whateves :P Also, I never take my phone near water nonetheless anyways so