I imagine the ideal set-up in the coming years will be a mixture of Steeda's MAF housing and what K&N has done, possibly with the 3" tube in newmission's mod.
As for water issues, get an outerwears pre-filter on it if you're paranoid about more water getting in.
I liked the steeda one but I saw this one and its a lot more complete. I think I'll save up for this one instead.
Unless Troy wants to set up some field testing in the tropics. Come on Troy, testing in a different climate helps a lot! :p