Black crowe, I have had that hood and airbox since '01 and have never had issues in the rain. The install looks good and I also noticed a difference when I went from the stock airbox to the suncoast one (the upper radiator support was damaged in shipping so I used the stock airbox for awhile until the replacement arrived).
Comparing the two boxes, I would assume that airflow is very restricted if using the stock airbox due to the path the air would have to flow to get in.