I saw it demoed last year but don't know anyone that actually had it done. Here is the supposed tech explanation
Liquipel Technology
Liquipel is a specialized process that applies a liquid repellent substance to electronic devices. We place the device into our proprietary machine which pumps down to create a vacuum. Once the vacuum process is complete, we inject our Liquipel formulation which turns from a liquid to a gas as it enters the chamber. In the final step, we introduce plasma which decomposes the liquid repellent molecules polymerizing them to themselves. Once the chamber comes back to atmospheric pressure we then remove your device with no cure time and the process is complete. Liquipel becomes the new surface of your device
iMore Ambassador -iPhone 5s