
Yep, it is nearly all water, though saying that I've known a few Pomeranian's who were fed that and near enough that only live until they were 16 years old!! Not something that I'd give to my dogs though.
On a funny note, I remember a friend of my mums once who went to the fridge to make a sandwhich. He pulled out the roll of meat and put it on his sandwhich. Later that day he asked his son where did he get the lovely meat from and he told him that it was dog food, this was a Chub roll :d :d