ur not getting the pt of the bypass valve...it'll only open up if the water hits up to that point...the valve isn't open all the time...so ur not sucking in hot air all the time...only in order to stop water from getting in...however i think it jacks up ur air flow and slightly (maybe 1-3 hp) reduces gains

as for those pics that u put up...the 2 piece cai should get worse gains than a 1 piece like the aem...just like why the aem cai w/ bypass gets worse gains...cuz if u got 2 pieces and a joint in between...that joint isn't as clean as having just 1 single piece...so u disturb the air flow