Man, does that suck. Sorry for your loss! I think of all the times I lean out over the marsh shooting birds... FOrtunately, I've managed to keep both my daughters and my lenses from falling in.

In another thread, I related a story about how I also inadvertantly pushed the lens release button, for me it was as the camera was hanging from a shoulder strap. The strap was attached to a tripod collar, so it was the 5DII the fell - onto dry ground. Fortunately, the only problem I encountered was that I needed to redo all my AFMA settings - they all shifted by 8-10 units more negative. Hopefully, you'll be as lucky!

I can tell you that electronics are pretty tough - we've had an iPhone Bluetooth Headset stay out on the driveway overnight in the rain right in a puddle, put cell phones through the washing machine, etc., with no lasting ill effects. Not Florida swamp water, though.

If you find the lens with alligator chomp marks, take lots of pictures and publicize it - maybe it will go viral and some nice camera shop will give you a new lens for good PR...