After seeing some pics of the AEM intake installed and hearing a sound clip...I'm sold on it over the Injen..also because of filter location...but is it a wise choise for the bypass valve for the AEM set up? Is the filter in a location thats prone to getting water in it or something?

 

Unless you are planning to submerge the front of your Z I'd say no. I live in Seattle and never had even sortah a problem with my AEM. As a matter of fact, the bypass robs horsepower.