So you're saying the stock airbox is better than having it on the cowl? I don't buy it. Water is going to splash on on it, that is why it's intake is on the bottom of the assembly. Gravity isn't going to allow it to take water the way you're thinking. I don't think it will take on any more water than a safari type snorkel. Raising it a couple inches wouldn't hurt, but it's still a logical choice for those that battle trees.
I'm not sure if better is the right word. Perhaps no better. Like I said, the wave will have a trough at the backside of the wave which will give you a little leeway. If you're hitting the water fast enough or it's deep, the peak will rise higher then the baseline. Which would then go over the hood. (The front of the Jeep would still slow the progress of water.)
In any case my complaint isn't with the design as much as where he's got the input located. It just looks bad. The other thing I'm not really keen on is that there is no airbox to speak of. He has what looks like flex hose going through the firewall into the cowl space to the cut off stock intake. That would mean his filter is under the cap. So if water did get into the intake, there is no holding area, it just gets sucked into the engine.
The other setup I've seen, which I believe was the first, had a airbox under the hood still. This will at least hold some water back. This is why ARB uses the stock airbox. The input is low in the box but the output for the intake is high up. This means the box would need to fill some ways before water gets ingested into the engine. It's acts like a trap can.
I've seen some bad PVC and some good PVC home jobs. Still without sealing up the diff, transmission, transfer case, distributor, PCM, raise the exhaust, etc... having some positive pressure might even be an idea. Although the other use for a snorkel is for high dust areas. In that case you're trying to grab clean air where ever you can.
Another option is to go with the non-permanent setup like the Military Jeeps used. You could have the intake go through the hood and attach the hose from the outside. (I think this is what they might be doing with the CRD Militilary JK's.)