Assuming you mean the K&N GenII intake, then it's a great mod for street-performance, desert running, or trail-running.
However, it's NOT good for mudding in watery mud or for driving through deep water... With the element exposed, and even using the water-resistant jackets on the filters, you risk sucking more water into the engine that with the stock setup.
That's the main reason that I'm thinking about running the Volant intake instead of the GenII.