Well, I actually want all three. I am in an area with heavy flooding, and while I don't plan on it, I don't want to limit the life of my drivetrain due to water ingestion.
As you may know, when you submerge these items a wise man gets all fluids changed quickly thereafter. By raising the breather elements to a higher, drier location, you eliminate the need for these fluid changes. I have had them before with great success, and is usually not that cost prohibitive but it pays to research prior. Most 4 wheel drive shops can fab them up, but I figured I would check here first.
It is the same thing as a snorkel, which while it is generally used for less dust ingestion, works well to avoid hydrolock as well.
YMMV.