Curious for how long the iPhone will work.
I dropped my 6s in the lake near our dock and it fell down to about 8 feet of water and was there for about 10 minutes before I finally found and retrieved it. Read: 6s, NOT the water resistant 7. It was still working when I recovered it. Touch screen still responding so I could power it down, despite water clearly inside the device. Put it in rice (You know, that old wives tale... why not) and it never recovered, with lots of internal corrosion and warping evident after the fact. Replaced at the Apple Store for $300 (I didn't have AppleCare, unfortunately. A mistake I remedied with the pre-order of my 7+)
Truth is, lots of electronics can handle being completely submerged in water for a long time; the issue is the minerals in the water eventually causing a short, and the fact that the components in an electronic device can actually dissolve in water further causing shorts.
So far, I've not been impressed with pulling a phone out of water and it still working; because my non-water resistant phone did that. So did an old Palm OS device many years ago, long before the iPhone. Same thing, dropped it in deep water, recovered it, still worked long enough to power down. That one I was able to recover by disassembling and cleaning parts out with alcohol. 100% functionality restored. The key difference being, I could REMOVE the battery. With the iPhone, once the battery shorted (As I expect it did as the device got very hot after a few hours), it was all over.