SRI vs CAI - SRI is shorter, allowing optimum air intake velocity sooner than the CAI, thus giving better throttle response. The CAI, however, will produce slightyly more horsepower in the top end because it's feeding denser air into the engine.

Bypass valve - I didn't bother with this because if it's raining hard and there are flood warnings etc, I will not be out driving. Also, I haven't had to drive through any deep puddles. Yet, I still got water in my motor because SOME water droplets were pulled into the intake. It didnt hydrolock but it did frighten me. The bypass valve WILL NOT prevent water getting into the motor unless the filter is 1/2 - full submerged in water.