it comes down to this... the bypass valve is just added security... it takes a lot of water and alot of air pressure (or lack there of) to get water into the engine through a CAI which is almost 4 feet long. now at partial submersion, the bypass may or may not have that much of a difference (again it only opens when the air presure inside the intake piping drops far enough below pressure outside the intake - enough to suck water into the engine). so really you're asking if it helps? think of it this way... it helps and it only costs less than $50.00... hydrolocking could cost thousands.
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