Like Hz0 which we saw last year, P2i protects your phone on a molecular level making liquid substances bounce off the motherboard and various other internals. The advantage of this type of protection is that it doesn't involve the vacuum caps and lids, which some devices feature (the Xperia Z comes to mind) and the phone has all the usual open spots like a headphone jack, micro USB port, etc.
According to sources, Nokia is working with P2i on a water-repelling phone for 2013. The two companies reportedly struck a deal at the Mobile World Congress a couple of days ago but there's no word on what phone (perhaps plural?) will have the coating.
P2i has reportedly worked with Alcatel One Touch devices, the new Huawei Ascend D2, Motorola, etc.
Rumor has it that the upcoming Lumia 1000 EOS with the PureView sensor on board could be the pioneer Guinea pig.
Here are the benefits of P2i's nano-coating technology.