I believe it's IP67.I completely agree.
I understand that it's impossible for Apple to know whether an iPhone 7 has been damaged from a spilled glass of water or a 20 meter dive. At the same time, they should have an obligation to repair a phone that failed to conform to the IP68 specification that Apple advertises. To not do so is false advertising plain and simple.
I'm guessing that in the USA at least it will take a class-action lawsuit to resolve the question.
I've always been very cautious about using my iPhones outside if there's any rain whatsoever, yet I know a lot of people who will quite happily pull their iPhone out in the rain, and they have never had a problem.
With the iPhone 7, I will no longer worry about using my device in the rain. If for some reason the seals fail and water does get in, then I will deal with Apple then, but I'm not worrying about it now.
They can't really warranty it for water damage because, as we all know, they would then have people wanting replacements after taking it to the bottom of the pool, or even using it for underwater photos whilst diving, and they'd have no way of knowing whether those people had used the device within the limits of the IP67 rating or not.