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Occult Adventures p. 22: The metal you create with this infusion crumbles away shortly thereafter and has no gp value.
This quote is from the description for Rare Metal infusion, and is the only reference I have found for what happens to the elements after a blast is completed. One could extrapolate that the target of an elemental blast would be be affected by that element as normal until "shortly thereafter", when the element supposedly returns to the Ethereal Plane or wherever it came from. So I would say yes, that the target of a water blast would get soaked, but would immediately be as dry as before when the water disappeared. Any damaging effect of the water would remain (blurred ink, damaged suede, etc.).
But how long is "shortly thereafter"? Seconds? Minutes? It seems that is left up to GM discretion, but the language of the Rare Metal infusion description seems to imply that it would be to swift to swindle someone and get away. That said, the language seems to indicate that it wouldn't disappear immediately after the PC's turn, so it looks like earth blast, water blast, and wood blast may all leave debris/slick conditions that could affect movement.