I live in south Florida so it's definitely being done for the wind damage that happens during hurricane season. It will save local power companies millions of dollars by not having to fix downed power lines that ALWAYS happens when a storm blows by.
I'm sure they are taking the proper steps needed to ensure against water damage. Besides the wind damage that occurs during a hurricane, we also have to deal with massive amounts of rainfall. So water build up has got to be a consideration that is going in to the burying process. I have looked at some of the work they are doing and the wires being buried look to be encased in pretty damn heavy duty conduit of some sort.
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