iFerret, if it helps: I dropped mine in a swimming pool last summer, where it sank to the bottom (about 10 feet) and was there for a solid 30-60 seconds.
I removed the battery and card, shook it vigorously (er...the phone), put a hair dryer on it for a bit, let it sit for the rest of the day (10-12 hours) to "dry out", put the battery and SIM card back in late that evening, fired it up (and hoped for the best), and it booted up perfectly. I used it for about another six or so weeks, without a problem, until I got my new phone.
Surely "10 feet at bottom of pool for nearly a minute" trumps "glass of water for a few seconds" in terms of damage inflicted?
What else was in that water?
