exactly, the bypass valve will make your CAI about the same as a short ram intake, so no need to get it.....plus.... on most cars the filter is completely covered by your splash panels around the fenders and wheel wells, so youd really have to TRY to get it wet. As far as the two pipe thing..... I have seen some intakes come with two pipes so you could use it as a CAI in the summer, then when it is rainy or wet you could just eliminate the second pipe and put the filter on the first pipe as a short ram and back and forth etc....Im not sure if thats why the one you are looking at has two pipes but it sounds like it..... About the K/N the reason it is so good or people like it so much is because it allows the most air flow out of a lot of the filters, while still filtering good.... more air flow equals more power but you still need it to keep the air clean. That is why if you take your complete intake off and just run the throttle body naked on a drive around the block it will feel more powerful, but the engine will get dirty.....