Actually, it'* a recipe for disaster. Would you want a intake in front of your radiator at the bottom of your bumper? Water will get sucked in like crazy, first time something sharp hits it, that'* it, you have crapola being sucked into your engine, the whole design is flawed. And plus, the air filter wouldn't even provide a laminar airflow where it enters.
Im not a 100% but it even looks like the filter is encased in Plexi? Im trying to figure that out by looking at the paper on top of the filter unit.
EDIT: I found one on Ebay to see if I could get different angled pics on it, and it does appear to have a cover to protect the filter, but wouldnt that restrict air flow? Im wondering where the air comes in from to begin with.