the bypass valve will usually cost you one horsepower.....nothing you'll ever notice....CAI will make more top end power and on hot days, stand apart from a short ram even more...it's quieter too.....short ram is cheaper and easier to install, but won't make as much power on the top end or midrange, but maybe as much or a touch more on the bottom end.....but when doing dyno runs, the hood is usually open, giving the short ram an advantage it wouldn't normally have...cooler air....they suck in the 150 degree engine air, which isn't good, but it's less restrictive than stock and makes more power in that aspect.....basically, a well designed CAI is the best as far as performance goes on MOST cars.....hydrolocking shouldn't happen unless you do something really stupid, like try to drive through way too much water......at stock ride height, it should be over 14" off the ground, protected from everything, so when it's wet outside, you won't be slinging water all over it or anything....it's in a completely closed off place in the bumper/fender.........