Due to an unfortunate incident me and the Droid 2 went in the drink. We were in the fresh water pond less than 30 seconds. After getting out I looked at it and there was some kind of DOS boot error message. I immediately removed the battery and shook the water out. After drying it out everything is back to normal except for the Magnetic field sensor, it's dead. Doesn't affect the compass since that seems to work from the orientation sensor. So other than Phone Explorer, Metal Detector and tricorder what might use the Magnetic field sensor. Also any insight on why water may have damaged the Magnetic field sensor.
Another odd observation. While trying to determine if the Magnetic field sensor worked using a small magnet. By placing the magnet at the middle right edge when held in portrait (or top middle when held landscape) it would go into car dock mode but the message in the toolbar is 'CONNECTED TO CAR HOME" I seem to recall the message was only car dock when inserted in that and the display is black and white in the car dock and green/white with the magnet. I could be mistaken on those details but does the car dock use a magnet for the phone to determine that.
I'm not worried about long term effects. If it lasts long enough an insurance claim might get me a Droid 3. There's also the F it factor, It's already on borrowed time so if it takes a 40 foot dive of the JLG lift I'll just pick up the pieces.