It's not high on my list of mods. Seems like it also might increase the chance of water ingestion in a river crossing (where I live, the rivers are mostly dry so I don't really pay much attention to stuff like that).
There are others out there for less money that are likely as good or better. What Jeep are you looking at installing this into? I have a Cherokee XJ with a Spectre Performance Cowl Snorkel and would like to install a K&N CAI into my WK. The Mopar units seem nice, just pricey.
As Yuccahead stated, if you are planning any water crossings, they are probably a very bad idea. If you aren't, then you can probably get one for a price you like. Airaid, K&N, Mopar, Spectre and a host of others make kits for most Jeeps. There are also a number of snorkel options out there too which also bring in cold air and work and look great. The nice part of owning a Wrangler, there are like 40,000 companies out there making aftermarket parts for them.
I installed an AFE intake on my 2010 3.8-liter. I also have a Superchips Flashpaq which offers multiple levels of tune so I could try different power levels to see if any worked better with the intake kit. I ran the "cold" air intake for a year and finally decided to sell it and put the OEM intake back on. Not only was the intake noise annoying, but it created consistently higher intake temps compared to the OEM intake, as reported by my ScanGauge II. With a manual transmission, I'm able to notice any difference in performance much more readily since there's no torque converter to dull the sensations; the tuner makes much more of a difference than the "cold" air intake ever did. In fact, as soon as I put the OEM intake back on I noticed an immediate improvement in off-idle torque, and no difference in midrange or high-RPM power. The quieter engine is also much appreciated.
There is a whole thread on CAI on the wrangler forum. While some do add minimum power it is at the top of the rpm band, and most take away from low end torque. Like unsaid there is a couple threads on this at the wrangler forum with dyno info to show the findings. Also on a JK the computer has so much control that you would need a computer flash to ever see any results if any.
Also remember if the filter flows more air it is because it doesn't filter as good, on race cars this is fine as they rebuild their engines very often. For an off road vehicle that sees a lot of dirt roads and such I would rather have the filter that filters better then flows more air because it protects the engine better.