But as far as I know, the Cobb does not have the filter down in the fender. The filter is in the larger black tubing part in the engine bay... so that tube part that makes it a CAI doesn't really go too deep into the fender. You'd have to drive through some REALLY deep puddles.
Either are quality parts though... expensive too! You'll be happy with either.
I really prefer the sound of the SPT intake, although the Cobb looks a bit better underhood. Neither really makes much power because our engines don't rev or flow well at high RPM like a Honda does. My vote is for the SPT because it has a pretty high level of build quality compared with the Cobb, and as mentioned, sounds better. I guess the telling point is that I had the Cobb and sold it again after a couple months to go back to stock. I've had the SPT for much longer now and I'm quite happy with it.