It is considered to be polar - covalent. The polar covalency (made up conjugation?) is due to the relatively large difference in electronegativity (grip on its own electrons) of the hydrogen atoms and the oxygen atom. The polar covalent property allows for weak conduction (metals and salts that are in non-distilled water enhance conductivity making it unsafe with curling iron and all that other bs in the water if your wondering).
The electronegativity is determined by the number of protons in the nucleus attracting the electrons and how distant the valence (outer most shell/ "orbit") electrons are. This means that hydrogen (lower electronegativity) has a weaker attraction (because there is only one proton) to its valence electron (in first shell/ "orbit") than the oxygen and therefore the shared electrons in the covalent bond are actually leaning towards the the oxygen side making it slightly negative and the hydrogen slightly positive. The difference in electronegativity is not great enough, however, to form a complete separation and polarization of the electron (now transfered from one atom to the other.. i.e. ionic bond).
In this case the number and strength of the protons in the nucleus of the oxygen atom is strong enough to overcome the much shorter distance of the hydrogen valence electron. You can find a complete table of electronegativity here: http://en.wikipedia.org/wiki/Electronegativity
So, all in all every bond is slightly polar (except diatomic bonds H,O,N,F,Br,Cl). So does anyone know if this means everything is actually slightly conductive? Possibly even the diatomic molecules because no two things are exactly alike (different places in the orbitals cause slightly different distances from nucleus etc.) I may be totally wrong in something but if someone could explain that it would help me a lot.
Oh yeah, the only other alternative for Water I have heard is hydrogen hydroxide... and that is because a portion of the water is actually separated this way (like H+ and OH- ???) I think.. at least that is what i have heard.