Waterproofing Cameras In a Can?

The internet is filled with people testing a product from Rustoleum called Neverwet on sensitive electronics:

Neverwet is a new two part 'liquid repelling' system in aerosol cans. "Part A" is an adhesion promoter, and "Part B" is the waterproofer. Together, the product claims "to create a moisture repelling barrier on a variety of surfaces. It is suitable for use on metal, wood, aluminum, galvanized metal, PVC, concrete, masonry, asphalt, vinyl siding, fiberglass, canvas, most plastics and more."

Its rather uncomfortable to watch someone take an expensive smartphone, spray a few coats of this stuff on it, and then proceed to dunk it... and then call it 'testing'. Results online are mixed, from people destroying equipment to marketers claiming success even after lengthy submersion time.

It has not been on the market long - just a few weeks - but I'm curious to hear if anyone is testing the product and what the results are?