Full disclosure... I snorkeled. And I like it, but having holes cut into a perfectly good truck made my skin crawl. lol
I'll narrow it down to a couple of reason why I made the decision.
1. Water: I cross water on occasion. Not usually very deep and as a rule I keep it below the bottom of the door, but I also have a friend of mine that while following a similar guideline, he dropped one tire into a little hole, the truck sucked in a mouthful of water, hydrolocked, and was toast. Pushed a rod through the side of the block. Oops. So I don't snorkel because I plan to cross water. Most times I don't even cross water, but I have been rained out in an area, the creek came onto the road, and I had to cross to get out. See photo below. This creek cost me a transmission a month later because I didn't move breather lines, and I didn't have the foresight to drain everything when I got home. But I digress.
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Long story short, on my current truck I moved breathers (rear diff, the transfer case and front end were already very high on the firewall), I added a snorkel, and I took basic precautions. Having said that I did not go through every electrical connection with dielectric grease etc etc. Water is an insidious foe, and I'd keep it out of the cab at any cost. I'm fine up to say the bottom of the body. Past that I'd bet I wreck something for every inch higher I go... Probably.
2. Dust. Similar vein, the intake of my current truck is just inside the wheel well, and picks up a lot of dust. Moving the snorkel up gets me more fresh clean crisp air.
3. Sounds cool. That was a benefit I wasn't planning, but it's basically the same as a cold air intake sound. (Which makes sense considering it's a cold air intake. Just sayin').
Downsides...
1. I had to cut holes in a truck. lol. I may regret that someday.
2. People think you believe that you can drive through 6' deep water.
I tell people I'm good til about mid windshield then see if they believe me.
3. I occasionally freeze mine over in winter storms. I might turn the head around to point backwards, but it's only happened twice and the truck didn't seem to care. I'm considering a swirler if I can find one.
4. I have to remove the snorkel to replace the windshield. Minor inconvenience.
Most of all, it's a look. People either love it or hate it. But nothing says I'm driving across the country like a snorkel does.