Does anyone know how well the Nismo R Tune Cold Air Intake compares to other intakes such as the K&N intake kit?

they're all the same, a filter and a "precision engineered intake tube".

but i think the nismo one has a water baffle system..idk for sure though

No "water baffle" on it, it's a standard open-element filter with a heat shield. Comparable with any of the others. Only the Volant is unique in that the filter is inside an enclosed box.

I've had the Nismo Intake for about 2 years now and love it. I've seen others for a little cheaper but they all do the same thing. And install took maybe 30min. No matter which you get, it's worth it.

Does Volant make an enclosed system for the 06 X? I am picking up my OR X tomorrow and I asked the dealer about the Nismo and they said that it is an open element type and that if water were to get in to the engne via the intake it may void the warranty of sorts. How likely is this with the Nismo versus an enclosed system I assume the open element is more susseptible to the "elements". Would love to hear anyones thoughts on this. Is it really worth the extra $?

As for all Nismo parts are a factory parts and have factory part numbers, I doubt it would void your warranty. Go to the parts dept at your dealership and check this out yourself, don't rely on your salesman's word.

Besides the filter gets mounted on the back side of an alum wall, that replaces your airbox. You would have to go into deep water to need to worry about sucking some water into the motor.

Good luck with this.