John, not to ignore your original question, my thoughts (on the negative side) are:
1.) that water might prevent adhesion between layers of plastic
2.) that you might get pops or "explosions" like when water gets under oil in a hot cooking pan (prior to compressing while evaporating the water)
3.) that pressure from compressing might condense remaining steam pockets back into water, causing 1.)
Also, beaded polystyrene foam is actually created by exposing molten solid polystyrene beads to steam. Different plastic, I know, but might have a similar expansion effect...