They are designed to be waterproof, and some people have successfully tested them under water. However, the current design allows a bit of water in around the lens sometimes so Peter is reworking the design to fix it. You aren't likely to get water sloshing around inside, but the inside of the lens may fog up and get droplets on the inside.
There was a thread a while back where someone did some deep water testing with an LS and had no problems. It's definitely suitable for nasty weather and even occasional dunks, but you should avoid keeping it under water too long until Peter comes out with his improved head design.
- Russ