I seem to have dodged a bullet.
Last weekend my iPhone 5s managed to make it into the washing machine. I think realized my mistake about 10 minutes into the wash and dug out a thoroughly waterlogged device. It was powered on when it was submerged, but powered off when I pulled it out.
I took the internet's advice and left it sealed in a plastic bag of uncooked rice. I powered it on today and all is apparently well apart from some interesting display artifacts (those are not reflections - this is how the display looks from just about any angle):
Fingers crossed it hold up till the end of the contract.
Given the thoroughness of this submerging, I'm actually quite surprised at how well this device has faired. Not only was it in for 10 minutes or more (dripping when it came out), but the water was far from pure - laundry soap + whatever dirt was coming out of the laundry load. I assume such grey water has a much lower electrical resistance than pure water, and would therefore be much more damaging to electrical circuitry.
So, does this iPhone have any built-in water protection mechanisms? It did power itself off, but perhaps this was just undefined behaviour. Or did I just get very lucky?
Side question - I'm about 6 months into my present 2 year contract. Whats the likelihood this phone will make it to the next upgrade cycle?