i've got one that i use in the surf here in NJ, so it gets wet pretty frequently. i usually rinse it in the kitchen sink when i'm finished with it, and then dry it. it's holding up great. there are a few small corrosion spots, but that's due to me not always rinsing it when it was new.
i had a problem with the bailing arm not wanting to close when i would turn the handle, but i got a new spring, and it seems to work fine. one thing that i do now is to manually close the bailing arm on all spinning rods. i read this somewhere, and it supposedly helps the reel to last longer. we'll see in about 10 years if it works or not.