I did it. I shaved without any cream or soap - just my DE blade, my face, and water. I know reactions to this will be varied - some of you having done it yourselves, and some of you saying OMG - but it went surprisingly well.
I wouldn't do it on a regular basis because the blade doesn't glide as well, but in a pinch you can get a close, comfortable shave with water alone.
What are your experiences, and who else is willing to give it a try?