I suppose this would be another way to complicate things that everyone is already used to, but keep in mind that this is just my opinion. Right now there are two classifications for toys, splashproof and waterproof. I think that there should be a third classification in between these two called water resistant.
Something like a glass toy is truly waterproof. There is no way for water to get into any part of the toy that will render it unusable. Splashproof means that lube and cleaning are ok, but try not to get the toy too wet. So what about everything else?
Realistically, there a lot of products that manufactures say are indeed waterproof. These toys can however be damaged and even ruined if any water finds its way inside. Something with a rubber o-ring will normally keep moisture out, but, it might not be a good idea to submerge it in water. Also toys like this, over time, could lose their waterproof characteristics. To me this sounds like a water resistant toy.