in my opinion, yes. There have been a couple people here who have hydro-locked their motors because they sucked in water in a CAI after driving in a flooded or heavy rained in area. There is a bypass valve available, but it removes any hp gains that you get fromt he cai apparently.
I have the SRI, over 3 and a half years, never once had a problem, even in FL rain, and in driving once through my flooded apartment complex in a rush to get home, as I had water flowing into my apartment from a heavy rain storm. Water was up to the door sills, but did not have any water in my engine.
The other debate is the SRI gets hotter air from the engine, thus CAI kicks ass. But I notice no problems, and in a scientific hands touching intakes comparison, they seem to feel the same after a long drive, so I do not know.
So get an ebay intake, K&N filter, and you will be all set.