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I was in Mexico a few weeks ago and we took a Catamaran trip to a reef for some snorkeling. I was sitting on the bow facing the open water - a little ways back (front of the cabin). I had my K5 with the DA* 16-50 strapped on along with the Pentax GPS Unit O-GPS1 (which is also WR).
There were not any big waves (as we were inside the reef) however we hit one just right and I got soaked. it was not a light spray as much as a full wave just washing over me. Everything was on (it may have been in a sleep state but power was on). both the camea and GPS unit.
I was concerned. I turned everything off, wiped down the excess water on the outside with a towel and turned it all back on. It all worked like a charm and I continued to use it the rest of the trip. Later in that tip I also got caught in a major rain fall (downpour) and had to walk about 1km with the camera and same lens hanging off my neck (this time I had it all turned off).
The DA* 16-50 appeared a little sluggish after but still worked. When I got home I carefully cleaned the contacts on both the K5 and DA* 16-50 and the last outing I used it last weekend (inside , difficult lighting) it worked just like it was new.
YMMV but for me it justifies why I bought a WR camera and lens. It's first real test (hopefully the last one that drastic!). I have taken it out in snow and rain before , but never rainfall that hard and never drenched in a salt water ocean wave.