On the bad side, I put a water bottle in my bag today, apparently without screwing the top on properly - so I flooded the bag, with everything in it... Fortunately, both my SLR and Nathans camera survived. Unfortunately, my phone didn't.
(Nathan got support for his argument he had during a recent discussion we had about getting a waterproof or non-waterproof camera next though...)
On the good side, it means that I will now need (need!) a new phone. Pronto. Bring it on.