Ghendar said:
I've never had a situation like this happen.
I did - and that's why I decided to rule the way I did.
PCs fighting in an ancient lizard-man temple. The high altar room has a statue of an old-school lizard god, water running from his mouth, down his trident, into a pool, which was about mid-calf deep on a dwarf.
Dwarf attacks one of the priests, who hops into the pool. Dwarf follows, trades blows, falls unconscious, and lands prone in ... yes, 6 inches of standing water.
DM rules that the drowning rules apply. Since the dwarf is already unconscious, we skip the "fall unconscious" step and go right to step two. Dwarf dies before anyone is able to pull him out of the water.
Now, are the drowning rules entirely at fault here? No, of course not. However, they did figure very prominently in the player's death (who might have died anyway from blood loss, but, hey, 4 rounds of "Save the dwarf!" is better than 2 rounds of "Watch the dwarf die!").
So, in my games, unconscious underwater = breath holding rules.