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I always give my first generation Watch a gentle blow into the speaker area when I get out of water. Works fine.
 
I have an original Apple watch and shower with it virtually every day. Starting immediately after the shower, the speaker is barely audible and the taptic engine not as noticeable.

The new watch will expel water after a designated water workout, but there also appears to be a water droplet icon in the control center that will do the same thing. If my original watch had this feature, I would definitely press it post shower to restore reasonable audio volume.
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I always give my first generation Watch a gentle blow into the speaker area when I get out of water. Works fine.
Do you find this restores the speaker volume to non-wet levels?
 
This is how it works: "When you start one of these swim workouts, the Watch auto-locks the touchscreen display. Apple says this is so the Watch won’t react to water droplets or water pressure as it would your finger. Before you hit 'End' on the workout, you have to twist the physical crown on the Watch. It then emits a sound, one that sounds uncannily like a mosquito flying close to your ear, and the vibration pushes water out the horizontal speaker holes."
So it sounds like when not in workout you would press the water drop icon before not after then for the same reasons.
 
I have an original Apple watch and shower with it virtually every day. Starting immediately after the shower, the speaker is barely audible and the taptic engine not as noticeable.

The new watch will expel water after a designated water workout, but there also appears to be a water droplet icon in the control center that will do the same thing. If my original watch had this feature, I would definitely press it post shower to restore reasonable audio volume.
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Do you find this restores the speaker volume to non-wet levels?

It certainly improves it enough. I'm not sure if it brings it all the way back before completely drying.
 
So it sounds like when not in workout you would press the water drop icon before not after then for the same reasons.
No. The option only locks the screen in order to prevent accidental taps during a workout. This is the original text from the original user guide:

You can also lock your screen to avoid accidental taps during a workout. While using the Workout app, just swipe right, then tap Lock. When you start a swimming workout with Apple Watch Series 2, Apple Watch automatically locks the screen with Water Lock.

The only added bonus is that on unlock it not only unlocks the screen but also expels any water in the speaker. This you can also find in the user guide but a bit further down:

Go for a swim. With Apple Watch Series 2, there are two swimming workout options. When you start a swimming workout, Apple Watch automatically locks the screen with Water Lock to avoid accidental taps. When you’re done, turn the Digital Crown to unlock the screen and clear any water from the speaker. You hear sounds and may feel some water on your wrist.
 
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