Similar to the NeverWetâ„¢ spray-on coating and HzO, but now with what (for us traditional thinkers) seems like a more cumbersome (and therefore professional?) approach involving sending in your iPhone and having the coating put on in a vacuum chamber. Also I like that they still warn you about putting the iPhone in water, even after having the coating put on. See Liquipel, ieee.org and macgasm
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There is a company called Para-Coat Technologies visit their facebook page to see demos or youtube.
They have been waterproofing electronic devices for years and are hitting the market with their nano-technology to waterproof cell phones this year. I saw them at a tradeshow and the technology sounds promising. I think they have been around a little longer which gives me more confidence in their process than liquipel.