my wife decided to immersion-test the SGS II (result: fail ) and I got to pick up the pieces (and they came out of the toilet bowl: yeeeech! )
Anyway the upshot is the USB OTG (USB On The Go- which allows the SGS II to act as a USB host to devices such as USB thumb drives / hard drives and therefore is required to provide 5V @500mA for USB2- which I'm assuming SGS II is compatible with) U503 chip was overheating upon startup, and I've had to remove it to get the device working again. Everything seems to work that I've tested (not USB OTG).
An outline of what I've done, with pictures attached, is in my next post to this thread.
I noted someone else who posted previously (Fried mainboard thread by matunkle) had a very similar, if not the same, problem. Hope this helps someone!