You haven't mentioned it, but I assume there's nothing actually wrong with your phone?
Make an appointment with the local Genius bar, take it in, and give them your story. Explain that there's nothing wrong with it. Be nice, and hope for the best.
Think about it. These guys probably hear "it's never been exposed to water" all day long. If you're a genius, are you going to believe the guy with the dead phone and the liquid indicator tripped, or the guy with a perfectly working phone and the liquid indicator tripped? In other words, go in before something does go wrong with your phone.
I, for one, do not believe that the indicators are in a bad place. There are soooooooooooo many components in that thing (bluetooth, wifi, dock connection, headphone jack, cpu, ram, etc. oh yeah, and a phone) that I think a phone could suffer water damage before water got to a spot below the battery. Especially if it came in from the other end. Think about it... If the battery is on the bottom (I have no idea where it actually is) you could set the top in glass of water, top-first, and kill it without tripping the indicator.