I have one for my aFe Mega Cannon.
My experience:
I do believe they will block minimal water. This has never been a problem for me over the road or under the most severe washing effort. I know the ASA points in the opposite direction to the front, but I never see water in that area, either. Don't think it's an issue under "normal" conditions.
I believe they block dust very well under "normal" pavement operation and a two mile daily trip into my place on a gravel road that is pretty dusty in the summer. My aFe filter always looks new when I removed the Outerwears. Not sure about heavy off-road use, but it should provide some protection. They're very easy to clean and dry.
On a prior visit to a very highly respected vendor he told me he had lost ~5hp on the dyno with a before and after Outerwears comparison. This was a 12 valve truck with an aFe filter. If true, for me, I sure couldn't tell by butt-o-meter.