According to BoyGeniusReport, T-Mobile USA will be launching a new Android device from Motorola in November, called the Motorola Jordan, which will be ruggedized and feature some level of waterproofing. Sprint/Boost Mobile launched the Motorola i1, a ruggedized Android handset, not so long ago, and this seems to be a move by T-Mobile to capture consumers interested in a smartphone, but who have an active outdoors lifestlye.
Android Central seems absolutely smitten with the concept of the phone, asking readers to "think of all the phones you've left in the rain, dropped in the sink, or even worse -- in the toilet. Not to mention those of us who like to fish or go boating. This could make one hell of a weekend phone, for those times when you have one hell of a weekend."
BoyGeniusReport states that the phone will be water-proof up to 10 meters, but they then cite that the device is IP67 compliant, which indicates a water resistance of up to 1 meter deep, and not 10. IP 68 would indicate that the device is resistant to water immersion beyond 1 meter, and that the manufacturer must specify the maximum suitable depth.
There is a big difference between ~3" feet and over 30" submersion in water. I personally think that the 10 meter depth rating was misinterpreted, or a typo, as that level of protection would likely be expensive and/or bulky, but I would be happy to be proven wrong.
The T-Mobile roadmap leaked back in July included the Motorola Jordan, and assuming that there haven't been any changes to the release schedule, we may be seeing the handset as soon as November.
AndroidandMe add their feeling that the Jordan won't be a high-end handset:
Since the Jordan will likely be targeted at customers who want a ruggedized handset, I have a feeling the specs are not going to blow anyone way. I would love to be surprised, but it appears that Motorola is sending all their high-end devices to Verizon as they continue to promote the Droid brand.
Image from AndroidandMe