From what I've gathered, P2i's nanocoating is used on the Droid Turbo - the same used on the Moto X, Nexus 6, and many if not all of Motorola's smartphones from the past few years. Supposedly, this coating is applied to the ports and circuit board, as stated above. There's no waterproof rating but it's designed for splashes and rain. Btw, per P2i rep, they have a new "Dunkable" coating that has an IP67 rating and supposedly will be used on (some?) Motorola phones starting next year.
There aren't any Droid Turbo water tests that I know of, but I'm linking a couple for the Nexus 6 that show it to be working after partial and full submersions - not to dispute what anyone's said previously, but to show what may be the nanocoating's potential. The first video has it partially submerged for 1 hr, and the second video includes some wackiness where the dude is actually Qi charging briefly while fully submerged:
https://www.youtube.com/watch?v=LO_aTg1VU6k
https://www.youtube.com/watch?v=vxiRSDF0Ke0
And now the caveats: 'don't try this at home' and don't be overconfident. Those videos don't guarantee anything (as others above will tell you) and keep in mind that we don't know if the same type of seals (if any) have been used on the Droid Turbo & Nexus 6. But, at least there's the possibility to be ok after a drop into some water - I know I feel a bit more at ease.
Finally, a couple of tips for people who dunk their phones: turn off the phone asap, shake out as much out as you can through the ports, and let it air out for at least a couple of days if possible. And I'd stay away from using a hair dryer on it. (EDIT: I didn't see the rice suggestion above before writing this, stellar advice!)