The most recent issue of Practical Sailor has a review of handheld VHF radios in the upper price range (over $175), an upcoming article promises to cover less expensive models.

They tested a variety of things, including a submersion test (which all radios passed, an improvement).

Their picks:
Budget buy: Standard Horizon HX370S
Best Choice: Standard Horizon HX600S
Recommended: ICOM IC-M72
Recommended: ICOM IC-M88

For me, I have the ICOM IC-M88. I'm pretty happy. The only issue has been the rechargeable battery has toasted itself, but I tend to use the AA battery pack more anyway. It's had more than a couple of dunkings and so far it still works.