The Ion-Mask compound was first developed in England by the Defense Science and Technology Laboratory for use on military uniforms to repel chemical agents. Recently a new spin-off company named P2i is in talks with mobile phone manufactures to discuss waterproofing options.
The compound works by bonding to external and internal parts of the phone by using a gas that has been electrically charged providing an invisible coating that protects the device from dust and water. There is no word on if and when this technology will be implemented or how much it will cost, but one can only hope it's soon and cheap!
Now all we have to do is figure out how to make cell phones float for those off shore excursions that end up fishless and phoneless!