Evidently it's not just odd swelling from water. And there seem to be some possible evolutionary advantages. (h/t +Les Jenkins)
Reshared post from +BBC News
Why do we get wrinkled fingers in the bath?
For a long time, it was assumed they were the result of skin swelling in water.
But a different theory has now been tested: http://www.bbc.co.uk/news/science-environment-20951232
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"For a long time, it was assumed that the wrinkles were simply the result of the skin swelling in water"…
No that wasn't assumed. We were told it was a result of osmosis taking water out of the skin.