AEM. Its not too noisy and it draws in cooler air from the fender so the throttle response is more consistent. There was a time before the Cobb SF intake came out for the GR cars when Cobb said they saw the highest gains from the AEM due to the colder air than any other intake.
If you're afraid of water ingestion go with the Cobb SF. Although I hear its annoyingly loud which may or may not be a concern to you.
I chose the AEM and I am happy.