Front mount intakes are known to give cooler air to the throttle bodies because it is away from the engine's excess heat, and also unlike the cool air intake, it is away from the tires which create heat (though very little, and in my opinion so small it won't create a difference.) Your also ending up with more restricitions though which can cause a loss of performance(due to bending and longer tube).
Front mount intakes do reduce the chance of hydrolock, because the entire filter/inlet needs to be coverd with water, while a cool air intake (aem) can be submerged much easier then the front bumper.
The aem bypass valve will help you out if you do get a cold air intake, however you have to cut a perfectly good tube. (but will save you from a destroyed engine). It is a very cool product, and if you have done any research on it, its a very smart idea (the pressure changes in the intake when water is being sucked through, and the bypass valve has "gills" which activates when this happens, allowing air thorugh the gills which is also a filter.)
Personally it's just an intake, and we are talking about 1 hp difference on most applications. Only so much air can be supplied to the engine (throttle body/intake manifold/runners/intake chamber). A cool air intake (or short ram) will create this flow very nicely. Of course the cooler the air the more dense (allowing more air in w/ out changing the volume). Which is why the cool air intake is a good idea.
Pro's of front mount:
(1) Cooler air
(2) Low chance of Hydrolock
(3) Larger surface area
Con's
(1) Can get dammaged quickly
(2) Exhaust fumes from cars in front will enter the filter
(3) Will look like a intercooler (which could be a pro depending on owner)
(4) $$$