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This stuff is different because it actively pushes the water off... their term "superhydrophobic". In other terms, vasoline would insulate a board, but the water would sit on top of the vasoline. If this stuff were applied (which would be very hard, considering you can't figure out where you've applied it), the water would more actively be repelled. This isn't a viable solution, however, because it doesn't search for the edges of the board, it would probably end up repelling the water underneath a PCI slot or something.
Silicone gell + angle the board does the same thing.