I have the Saleen heat extractor hood (just like Pauls).
Its been on my car for 6 years. Besides my brakes/cobra r's my hood is the only real que that I have modified my car.
It looks great but the guy who painted it screwed me. He didnt prep the hood and there were (and still are) areas that look like craters or cancer spots. It was painted in the winter, he had a guy hose it off when I was paying him and when the water turned to ice it hid the imperfections. What a dick.
Anyways, from a distance the hood looks great. As far as my taste is concerned, I think its the best aftermarket hood out there. The real Saleen is made of carbon fiber and was selling for something around a thousand dollars.
My hood does flex a little at high speeds (100+). I dont have hood pins yet but when I put the car back on the road they are at the top of the list.
As far as water is concerned, its not much of an issue. See the water pretty much just flows inbetween your fan and front end accessories. You dont get water on your intake or electronics. I'm more concerned with my fenderwell CAI sucking up some water and hyrdolocking my engine. I took my car to college for all 4 years, it sat outside through every type of weather and nothing has affected it (except for the paint).
-fawcett