The main waterproofing issues is with the battery carrier surely, since this is the only part that is outside the hub and is only protected by an o-ring seal. I have a wireless SL and have done the K & SW, Denmead 600, Border Raid, Rural South 300 and Mille Cymru. The K & SW was wet on day 1, Border Raid was properly wet on day 2. Mille Cymru was drizzle on day 2. No problems at all so far, apart from the wheel needing retruing during day 3 of the MC.
When you change the battery you'll see that there are resin blobs so the only parts possibly exposed to water are those outside the hub, under the dust cap: the ribbon connector and the battery caddy. There are O-ring seals on the cap and it's a good idea to re-grease these when changing the battery. I've never bothered, though.