My snow kit stuck on.
It drained a whole windshield washer bottle in the motor. It only sat for about 2 hours at the most with the water in it. (Thank god it was not running) When I pulled it apart to purge the water, the injector connector tubes had a little rust on them. I ended up replacing all the high-pressure lines and connector tubes when I did the fire rings.
I know Matt dissected my controller to find out what went wrong. I believe mine is the only one that has ever had a problem. Matt is and A+ class guy, he was very helpful and bent over backwards to try to fix the problem. I would recommend him to anyone.
But to answer your question. I had the head off my motor after about 6,500 miles of use with the water/meth kit and found no rust on the valves, head, or cylinders.
Just be sure to let it idle just a little longer if you use the system right before you shut the truck off. (It will burn off all the water, and it will start easier)
Justin