I run the snorkel on my FJ40, and have sold dozens of them too, here is my take. In regards to actual water fording, they are only as good as the plumbing, your not done with just running the snorkel to your air cleaner... I also ran both my axles, tranny & transfer, and distributor to the snorkel, so theoretically I am water tight up to there. I have had my Cruisers front end in deep enough water that it would have sucked in the OEM air cleaner setup... It paid for itself right there... too bad I didn't have my ARB compressor plumbed to the snorkel (that reminds me, I still need to do that), because it took on muddy water (as can be expected given the situation.)
In regards to performance, I don't notice a single bit of power or MPH (I am in a heavy Cruiser, which has never been too aerodynamic
. But, I do notice a difference in the cleanliness of the air-filter... I can go longer under the same approximate conditions with the snorkel... I can literally go twice as long between filter changes. That can be extended more with the use of a Safari Snorkel pre-filter on top of the snorkel. They are the same ones used on alot of big-rigs (but smaller). They don't actually "filter" the air, rather catch the havey dust/dirt/bug particles that make it to the snorkel... Cool