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I had one on my RSX for 2 years and on my previous S for a year. No problems and I winter drive etc.
For splashes and what not it's basically fully protected in the S. I think you would have to fully submerge the car up to the 3/4 mark on the tires to have an issue.
There is an issue with a drainage hole being right over the top of the filter. Washing the car or leaving it out in the rain can result in water draining down onto the filter and collecting in the bend in the tubing.
Just build yourself a simple umbrella (I used part of a plastic pot) and you'll be fine.
Had mine for close to 2 years. Drove through torrential downpours (including on the track) and never had any problems.