Meredith, I thought that pressing silk while damp could damage the fibers. Perhaps the effect isn't enough to present a real risk to the garment, though?
I was also under the impression that washing silk in water would "stain" the entire piece, rendering it unthreatened by water spots, unlike silk that's always dry cleaned. That's been true in my experience, but it could just be coincidence.
I've cut the tags on a "dry clean only" 100% viscose, 92%-discounted Kate Spade cutaway-shoulder ruffle top, and am probably going to hand wash it inside-out. Am not optimistic. It can afford to lose length, and normally I wouldn't be so hesitant about a $12.93+tax garment, but this seems like a top that should have gone to someone who adores the brand and doesn't expect 30 wears. Out of curiosity, I'm going to count the wears.