I just removed mine last week (same day I bought it LOL)
Anyway, after looking where the resonator goes, unless you are driving with the complete front of the car submerged, I wouldn't even worry about it.
It's so high up in the engine bay, i wouldn't even think twice about water getting up in there.
The SRI sitting on my Corvette is even more open the the road (just a filter crammed on the MAF straight off the TB) and I have never had ANY issues, even in super heavy rain. It takes a LOT to get water up to the top of the engine bay.
Just don't go driving through any ponds or rivers though LOL.
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regarding the OP, I did notice a slight change in torque/power in the upper RPMs. The noise is great too. Much more aggressive. I had a K&N sitting in the garage that happened to be the correct size, so I put that in there too.