Since the OEM intake gets air from the wheel well I think it's worth the install if you're planning any type of water crossing deeper than the hubs.
I don't see how one would protect a truck from rust.
Back in the day, on two different occasions, I wheeled with and watched two different non-snorkeled guys hydro-lock their 1st gens on the stupidest most ill-advised water crossings I've seen to date. One wasn't that deep, both obstacles had a bypass!
I admit I've done many stupid things in my truck. including one water crossing with no bypass at night where water swept over the hood. I wasn't the first one through and was told by the trustworthy, more experienced "...lockers on, create and maintain a wake in front of the truck, don't stop. You will be more likely to make it but if you get stuck shut the engine and we'll pull you out". I attached a long strap to the front of the truck so we wouldn't have to hook one up under water, I could throw it towards my buddy on the other side if I had to shut down and went.
Holy F! I believe I would not have made it without the Snorkel, scared the crap out of me yo.
I realize we all take a chance when off-road however diving into uncharted waters? Sorry, the risk is just not worth the reward. Even if you make it folks will think it was dumb.
Anyways, I have one of the old ARB snorkels that was made for the "Patrol" (Y61) that I ran through a Volant Cool Air Intake. Sorry, no links. I don't know if the snorkel is different than the one they sell now. It certainly did not cost no $400+ back when I bought it. I believe the Volant kit is no longer in production for our trucks.
Since it wasn't made for my truck the install required some innovation, caulking and some random, discarded air intake plumbing that was lying around a friends shop. Sorry no pics, I installed this crap so long ago that any pictures I might have taken are lost in photofucket oblivion and most likely not helpful anyways.
As far as the "bling factor" mentioned above, with all the crap I've done to my truck, lift, bumpers, SAS, etc. the snorkel is what everyone outside our game sees first. When I'm driving around in Brooklyn, I get more looks because of it than anything else.
I have a line on ARB Snorkel with the plumbing off a Frontier I can broker for you if you're interested.