I was going to post this detailed thread too. But, as for the rice, it's not totally a myth, I know first hand that they can bring a phone back, but not a reliable method.
This whole rice debate is pointless. It's like those zicam, and the like, cold remedies. They say to take them at the first sign of cold symptoms and they reduce symptom duration and intensity... the problem is there is 0 way to legitimize the claims. If you take it and still get sick, they say yes, but it would have been worse had you not taken it. And if you take it and don't get sicker, they say it worked, when we all know sometimes you feel a little sniffly then get better not taking anything. My point being that, the people who say rice works will say, if you use rice and your phone recovers fully, it was the rice, when they very well may have reached the same result without it. And if you don't use rice and your phone remains f*ed, they say ah you should have used rice, even though the same result may have been reached with it. If you want to sue rice should your phone get wet, fine. And if you want to suggest it to others and let them decide on their own, that's fine too. just don't tout it as the end-all be-all savior for wet phones and the "only" real remedy.