The speed of light is not constant across different substances, as it varies based on the refractive index, traveling slower in water than in air or vacuum. Current theory maintains that the speed of light in a vacuum is constant, though some hypotheses suggest it may have changed over time, albeit with limited evidence. The discussion also explores whether an object can exceed the speed of light in water, indicating that relativistic equations may change when conducted in mediums other than a vacuum. Cherenkov radiation is cited as a relevant phenomenon in this context. Overall, the conversation centers on the complexities surrounding the speed of light and its implications in various mediums.