Both of the previous posters make good points. It's great that the phone appeared to work after being submerged, and it is indeed impressive if it was really able to remain active underwater for so long...However, it was obvious that water was slowly filling up the phone through the headphone jack, and it's likely there would be some long term damage due to possible corrosion and water being trapped. Also, there was no demonstration that the speakers, headphone jack, SD card, charging port, ect still worked.
Still, I'll take it for what it's worth. My S3 stopped working after 3 minutes of being outside in light drizzle, though it was later revived.