So P2i has taken the technology the British defense department has been using to repel chemicals and gases from their soldiers uniforms and applied it to cell-phones to repel water from the high tech gadgets. Generally you had to add some size and girth to a mobile device to offer up waterproofing, whether it be from a special water-tight case or due to the seals being built into the actual phone itself.
But that may not be the case anymore, which is good considering phone sizes are shrinking by the day and people are far less likely to pass up the small, slim, chic phone for the bulky one just because it has waterproofing, even if they lived in the rainforest. Essentially the ion mask is just a chemical you can spray on either the hinges and hole or the actual components for maximum waterproofing and then it repels water, and presumably other liquids.
Think of it as water sealant like you put on your deck, but for you gadgets. Word is, they are already working on a shoe deal for the technology and they are in talks with 3 major mobile phone manufacturers, so this tech could become commonplace by middle of next year or sooner.