I'm in Jon's boat.
Here's my thoughts...
The spare T-case I pulled apart to rebuild looked brand new inside. Of course I never tested it out before hand (nor did I test the clearances) to see if it got hot.
I'd think the condensation theory is an urban legend. The stock system is fully sealed except for an opening in the intake path, assuming any fording valve isn't closed. And with no air flowing through the system, wouldn't it take a long time for any moisture to work it's way back to the T-case?
Another wacky theory for rusty innards - the truck is driven hardand the tcase gets untouchably hot. Almost immediately the driver plunges into a deep body of water, quickly cooling the tcase. The rapidly cooling case has a sudden drop in internal pressure, more than the vent can compensate for, and water is sucked in past the grease seals. Think along the lines of a boat trailer without a "bearing buddy".
I just threw that out but I don't think that scenario could have happened enough times compared with the number of hot tcases.
Chris