I know mine is waterproof in the Heavy Duty cycle of my washing machine. I reached in to move jeans from the washer to the dryer, heard a clunk, and found my 2002 CPF Edition Arc AAA that usually is always around my neck. I went into a brief panic, and turned it on-- it worked just fine. I then opened it up and it was bone dry inside. Nice.
Last night I went swimming with my girlfriend and her best friend, we had great fun throwing it in the deep end and retrieving it.
Said girlfriend's best friend asked: "Is that a Mag light?" I tried not to laugh TOO derisively. I explained the differences to her, as well as corrected some misinformation she had (she thought the Mag light was made of titanium, and was surprised that it was actually aluminum.) They both thought aluminum was "wimpy", but then I invited them to closely examine the Arc AAA, and note that it was not a wimpy material at all. I told them the main things that made the Mag wimpy was their fragile filament bulb and the 'moisture resistance' (try using a Mag Solitaire as a pool toy.) I don't know if they noticed, but we had the light on for well over an hour and there was no dimming, and definitely no change in the output color.