The Equinox has two seals that I know of. One behind the headphone jack and a double O-ring seal in the battery module. Otherwise, the control module is seal "welded" around the plastic seam and has to be dremeled off to get to the circuit board.
As far as the failures are concerned. I know of two, relatively quick, failures (probably incomplete "welding" of the plastic case) and one that failed after 50 some hours in the water (perhaps entrained salt water in the battery well causing a seal failure or perhaps one of the two seals was bad or missing due to a manufacturing flaw - who knows). I also know of several (more than 10) dedicated water hunters that have not had failures after 100 or more hours in the water.
To get a feel for the actual watertight performance of the unit, you really need to know how many people are getting their machines wet vs. how many are failing. ML is not questioning any failures right now and honoring all warranty replacements. This thing is also setting sales records, but that does not tell us how many are actually getting used in the water.
Hopefully, the handful of people who have failed units will respond, but hopefully others who have many hours on the Equinox submerged will also respond.
ML is already assessing the failures for design or manufacturing flaws already because they are the ones who are fixing them. Partial data from a single forum of a subset of Equinox users is likely not going to give ML any additional failure data. I am interested in who does respond because that would be good to know. Really should be" "Have you had your Equinox in the water? For how many hours? DId it fail? You don't just want to be getting the failure reports because that doesn't give you perspective on the whether there is a design flaw vs. a manufacturing flaw.
If you don't want to use the unit in the water, then no need to get it wet. If you do, then best to find out sooner rather than later if your machine has an issue. It's going to be covered by the warranty and replaced quickly. HTH.
Good luck and hope you get some good response to your request.