I dropped my iphone 5 down a (clean) toilet 2 nights ago.I managed to grab it out pretty much immediately and patted it dry with tissue. It was still working completely fine,however I turned it off after 5 mins and stick it in a sealed bag with rice and a packet of silica gel.It stayed there for 24 hours before I took it out and powered on.That was six hours ago and it's working perfectly,as though it's dunk in the bog had never happened!I put my good luck down to the fact that it wasn't in the water for very long,and perhaps also because the clear plastic case it was in must've done a pretty good job of keeping the water out if the ports etc..
Six hours isn't that long in the grand scheme of things however,so I'll keep you posted..