The main reason I don't have one on my car is not water/hydrolock concerns, but it IS the dust clouds I must drive through while following my fellow stage workers down the forestry roads while working on ARA rallies.
It is so bad at times that I could see it clogging the paper Motorcraft filter during the event, or getting past any of the thinner aftermarket filters, and into the intake tract.
(I take the ST200 box's bottom duct hose OUT of the airstream when working these events.
)