I really don't think snake oil comes into this! I remember hearing about this sort of water-resistant coating years ago in connection with, I think, the use of commerial equipment by the military.
What this process doesn't do is water-proof anything. What it does do is coat items with a water-repellant coating which works to stop water drops seeping in through small gaps.
Dunking something into water is totally different from exposing it to, say, rain. Not only is it far more aggressive, there is also the effect of pressure acting to force the water into the phone. This is why there are different IP ratings for water-resistance and water-proofing.
So, if you intend to drop your phone down the loo (how does this ever happen, let alone be common?!), then Liquipel is unlikely to save your iPhone but, if you are a serious phone user who needs to feel confident about using their phone whilst walking through a rain shower, then Liquipel could be just the thing for your Android.