My wifes iPhone 5 is waterproof to 2m for an hour with her new case, and floats with it's added float.. Drop tested to 2m for shock resistance and meets the following specs:
Military Standard 810F-516 — MIL STD 810F is the standard that addresses a broad range of environmental conditions, with MIL STD 810F-516 being the section of the standard that is specific to functional drop. This standard requires that the item can physically and functionally withstand the relatively infrequent, non-repetitive shocks encountered in handling, transportation, and service environments. This may include an assessment of the overall material system integrity for safety purposes in any one or all of the handling, transportation, and service environments.
IP-68 — IEL 60529 is the standard for Ingress Protection from water and dust for enclosures. IP-68 is the most rigorous classification in this specification. The first characteristic number describes protection from solid foreign objects. An enclosure with a characteristic number of 6 can withstand exposure to circulating talcum powder for 8 hours with no dust ingress after that period. The second characteristic number describes protection against water. An enclosure with a characteristic number of 8 exceeds all other water protection levels and is specified by the manufacturer. For LifeProof, number 8 signifies LifeProof cases will withstand immersion in water to a depth of 6.6 feet / 2 meters for 1 hour.
www.lifeproof.com

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