I think the danger is water seeping in where the power button is and could easily cause a problem. That's where the wetsuits can protect the electronics, from what I seen others say.
Few people I've heard of that have issues after a water crash.
If you can retrieve it from the water a good cleaning and drying with alcohol and toothbrush brings it back to life.
A electrical short from water on circuit boards isn't so easy to happen.
But I try not to take chances anyway.
The battery may be another story.