Rice does absolutely nothing but accelerate corrosion. Simple reason being the minerals suspended in the water cause the most damage as the water evaporates and the minerals settle on the board, surrounded by fresh circulating air. The minerals react with the metals already present on the board to cause oxidation, and components still connected to power are certainly more prone to corrosion.
When these minerals are suspended in water, they haven’t yet settled on the board and the affected components are essentially insulated from the surrounding air. I have a computer that was submerged in dishwater for over an hour here that was successfully revived, and a machine that took only a minor spill and was left in rice to dry that is completely dead. The difference between the two is the submerged machine was still wet when I received it and the board could be cleaned before corrosion set in.
The best solution is always to tear the machine down and clean the parts, ideally with an isopropyl alcohol but the readily available methylated spirits also works well. Clean any affected areas with alcohol and a cloth or cotton swab, and for difficult to reach areas or stubborn corrosion, a soft toothbrush dipped in alcohol works alright.
Most internal parts come good after this. The Logic Board is always hit and miss and could fail again, but I have seen a good deal of them survive if attended to early. The later they’re attended to, the worse off they are and the less likely they are to remain reliable, but some still manage to work afterward. Optical Drives, Hard Drives, Cables, Batteries and the like usually don’t work immediately after or continue to work fine indefinitely, there’s rarely an in-between.
The keyboard is the worst part to address, because it can’t really be cleaned as such. Straight water isn’t bad, and sometimes a demineralised water rinse can help, although the keyboard backlight (where fitted) may not always be the same afterward. Sugary or acidic drinks like Coke, Coffee or Wine tend to stay in the keyboard and can cause discolouration of the backlight, sticky lifters, loss of key function, intermittent power issues (power button) or a machine that turns itself on or off at random. Whenever a keyboard sustains liquid damage like this, I normally turf the keyboard or top case - it isn’t worth the hassle or time of removing every single key and cleaning them all only to discover the keyboard doesn’t work again after anyway.
Leaving with a fun story, I worked on a 15" Retina recently that fell into a bath. The owner then proceeded to leave the computer in a drawer for two months before deciding to turn it in for an insurance assessment. When I removed the bottom case the machine was absolutely full of corrosion and rust, but none-the-less curiosity set in and I removed the board to inspect and clean it, just to see if a machine this badly damaged could possibly be revived. Wouldn’t you know it, the damn thing booted up into OS X after, albeit with an extremely patchy screen and dead battery. Almost tempted to have the board framed after that one.