Yeah, it sounds too good to be true. But that really is an iPhone in the cylinder above. Liquipel claims to make your smartphone water resistant by bonding it inside and out with a "nano" coating which repels water. While this isn't for deep sea diving, it appears to be an ideal solution if you are clumsy or happen to be around water quite a bit. In the image below, I snapped a pic of a tissue paper coated with Liquipel technology. The tissue is impervious to water absorption, acting more like wax paper. Pretty neat stuff.
The downside (for now) is that you'll have to send your device off to Liquipel for a few days for them to coat it. A rep I spoke to said they are hoping to work directly with manufacturers to integrate their coating before you buy a phone. In that case, you'd buy a water resistant phone automatically, eliminating the need for a LifeProof case or OtterBox if you're just going to have your phone by the pool. I'm hopeful Apple will license or acquire this tech and implement it as soon as possible. While it won't help with gravity, Liquipel certainly seems capable of preventing those spills and splashes that we're all accustomed to -- the ones which make us cringe or, at worst, place our iPhones in a sealed container filled with dry rice overnight (and prayer, for the devout).
Currently the Liquipel coating costs $59 for a 1-2 day turnaround for coating your phone. While the iPhone is certainly supported, it isn't the only smartphone you can protect. But really, if you have one of those other phones, is it worth it? I kid. Check out Liquipel's YouTube videos for more of this product in action. Here's hoping Apple shows some interest in using the material soon -- I'd love my iPhone 5 to be water resistant.