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"Fresh water: Repair it
Salt Water: Junk it"
This is good advice some of the other isn't so good.
First, how wet? Water and cameras usually do not do well together.
From my experience with Canon CPS, if Canon says they can fix it for $700 you can't buy another one for that, can you? You will get a warranty from Canon. You are probably just getting the old body back with new guts. New camera for $700 !?!?
Thank you very much for your input. It was minimal water damage so hopefully the repair will be successful. My thinking was yes, going ahead with the repair is the way to go. But I've also read that sometimes the repair isn't worth it depending on the amount of water damage so I was just looking for some more advice. But in the case of my camera, I think repairing it now is the best option. I appreciate your input!
The point is that Canon won't lie to you about what they can do. If they think they can fix the camera to your satisfaction, they're probably right.