I've seen it. Mine sat for three weeks after being submerged before I could get to Biloxi to deal with them. Much of what was submerged went to the street.
I had a particular Unisaw that had both sentimental value and potential collectors value, and that is the machine I worked to restore. It has endured a complete dissassembly, derust, repaint and rebuild. Table will never have that fresh grind sheen, but is clean, functional and original, which was important to me. Took the motor apart, flushed it, baked it, replaced bearings, capacitors and centrigifugal switch and it kicked on.
What I did would not be worth the effort (time and money spent) for most machines, but as mentioned, this one had value to me.