Pressing the home button was a bad idea.
Many times, as long as power isn't flowing through, and the item is allowed to dry thoroughly, it'll come out of it just fine. I had an old Compaq el-cheapo laptop which took a shower once when a .75 litre water bottle broke open in my backpack. After about two weeks I felt like it was dried out enough and I gave it a shot, it worked just fine. I sold it for $375 which wasn't bad considering it was a windows machine and two years old.
Bad thing was that during those two weeks when I thought it was dead, I bought my first Macintosh to replace it with. My checking account has never been the same since, I've got the Apple addiction now.
I say leave it in the rice, but it has to be instant rice or it won't help. Better yet, get online and order a whole bunch of dessicant packets and stick it in a tupperware dish with a handfull of those for a few weeks. It may recover yet!
SLC