my situation is a little different than rumblebee's. the first week i got my truck an 87 year old man slammed into my front. i braked so my front end dropped and his piece of sh*t explorer got on top of my bumper. my hood was fuc*** and my grill along with all the radiator and cooler. so instead of paying 500 or so for the factory hood, i payed and extra 200 for the srt-10. after insurance money i spent an extra 200. and looks better than the day it came off the show room. they cost about 800 at the dealer. the hood and molding ( dont forget that).

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Speaking from motorcycle experience, K&N's don't do well when exposed to the elements. I had K&N pods on my Bandit, but it was a pain because you had to cover them up every time you wash the thing or if you parked it in the rain. Riding in the rain was always an at-your-own-risk deal with that setup and always required you to clean and re-oil the filter. That's why I went pack to a panel filter in the airbox.
Seems to me that any filter exposed to that hood scoop would work GREAT untill it rains[&:]

 

You could always desing a plastic box with water trap, so you can us the filter.
Add a long tube with a few curves and hole to expell the water as it goes down the tube.

 

Yeah, it would take quite a bit of fabrication for a system like that though. Also it would have to fit well and still allow the hood to open.
With the increasing popularity of these hoods, it can't be long till a good system hits the aftermarket.