We all know that mixing water and electricity is a bad idea—who hasn't seen the Looney Tunes episode where some animated animal gets a toaster dropped into its bathtub? Having images like this burned into our brains from an early age has led to a healthy dose of fear among potential EV owners that they are sitting atop a loaded, industrially-rated, potentially heart-stopping taser.
So, what, in fact, does happen when you take a high voltage battery pack and drop it in a puddle underneath your rear end? Nothing, apparently. And GM has gone about proving just that fact. The Chevy Volt's battery pack has been completely sealed to prevent any of the elements seeping in, and, in the case of a breach of the pack, GM has built in 3 fail safe switches that render the battery harmless.
Nonetheless, as part of the standard testing procedures to bring any car to market, GM took the Volt through varying depths of water, both forwards and in reverse, just to prove that the battery pack is safe... and they filmed to whole thing.
If nothing else, you gotta hand it to GM for being so incredibly transparent with their development process—I mean, really, what vehicle has ever had such an amazing amount of video produced of it before it even went on sale?

Don't forget the first large-scale use of the serial hybrid drivetrain - Submarines. EVs and PHEVs certainly should be able to be built to withstand water. I've been through many storms and puddles in both an EV1 and a Tesla Roadster and never had any problems. GM and Nissan shouldn't have any trouble. It is good that they are doing this testing and their transparency is also good.
What I want to know is: How many miles can I drive in the Volt - Submerged :-)
Get my scuba tank, we're going swimming!