I dont get your logic if there is one.
How would they reduce warranty claims? They dont cover water damaged iphones anyway. What does the out of contract price has to do with the out of warranty replacement fee? You're suggesting them not to offer that option any more and make everyone pay full price if they break their phone?
Offcourse it will cost more to do that, its not free. Not only the coating or whatever will be used to accomplish that but also all the R&D behind it.
My point is that what Apple charges for a replacement phone is $149, when they do this they are not loosing money but not earning as much as they can out of a piece of hardware, and having Store resources in a low profit activity.
This doesn't mean I want them to stop offering the lower price replacement service.
If the iPhone is robust against water, then there will be less people asking for a replacement, therefore they focus their resources in what drives more profit.
The amazement of customers having its iPhone surviving a water accident will offer more and more enthusiastic apple customers talking wonders about Apple products.
I agree that this would be something that ifixit.com or other sources will highlight and very likely apple will not disclose or advertise; as it was already mentioned in the thread, there will be some folks that will abuse the phone believing it is indestructible.
I think, there could be like 3 levels of waterproofing:
The coating applied to the electronics to repel the liquids, and it is not clear if it will negatively affect heat transfer, and increase overheating.
Sealed buttons and ports, speakers, mic,etc.
Fully functional device in submerged environment (like some cameras already out there).
Many years ago,I had a Motorola cellphone, and it was in one of my jeans' pockets, and it survived a full washing machine laundry cycle with detergent, hot temperature and everything.
That was a robust phone.
Besides accidents, **** happens: a drink can be spill, rain, snow, sweat, soup, pool, beach, a bad cold sneeze, anything wet can make it happen = bye bye nice working iPhone.
The waterproofing is a nice to have, if the new model doesn't have it I will get one anyways.