Liquipel is seeking to work directly with manufacturers to integrate their coating during the assembly process. Maybe Apple will offer an optional waterproofing fee (much like iPad engraving) for new iPhone purchases in the future for say $20.
I know that the headphone jack being used may appear to be plugging up one of the seepage paths, but at the end of the video the headphone jack is exposed. There are many other Liquipel videos over on their YouTube Channel. This is essentially a thin alternative to a Lifeproof Case that protects your iPhone from more than just water.