Ryan is correct, the 5D does not have weather sealing. It certainly would be a wonderful day if Canon released a 5D with weather sealing.... could someone talk them into doing that before I get my spare?!
My 10D has survived light rains (sprinkles) more times than I can count. I expect the 5D to be the same. I'm usually not too concerened about drops of rain. Salt water is another story though. I'm very careful to completely dry the enclosure and to use a towel over it if someone is working next to me.
In the end, I would not count on weather sealing to save me from a flood or from splashed salt water.... don't forget Murphy's Law which states that when you finally do get water on the camera, you will have a card/battery/lens hatch open.

I would like to start going on 2-3 week trips, but until I have an extra camera body, I'm reluctant to commit to the long trips. Insurance covers the camera... so I don't really have much risk there. However, I have to assume that (weather sealed or not), equipment will fail eventually.
How many of you travel with spares? What is your 'level of acceptable risk'?