Liquipel Waterproofs your iPhone

I have no idea whether to believe this:

 

So you send the company your phone and $60, and they supposedly bond this superhydrophobic liquid to it "at a molecular level." The demos are slick, and they got some coverage at CES, but something still smells fishy about it. Is there a chance they're using distilled water (even pretending it's sealed)? If not, maybe they got together with these guys:

 

Update: from the FAQ.

What if my electronic does not turn back on or is broken will Liquipel replace it?

No, Liquipel is not able to tell whether your device was barely exposed to moisture or taken scuba diving and therefore cannot assume any risk if you break your device.

Poor grammar and no guarantee makes me suspicious.