Splash resistance generally means it's fine in the shower and while washing hands, just not while swimming. Or, at least, that's how I've always interpreted it.
Same here. A certain amount of pressure will allow water to penetrate the seal (e.g. submersion), but it will hold up if it just gets wet.
Hmm, interesting. I've always been over-cautious where 'splash-resistant' is concerned (As in, not allowing any water to get even remotely near); I'd never thought to consider that manufacturers probably over-compensate where water-resistance is concerned, to save them time fufilling warranty claims afterwards.