some interesting posts in here.
1. Matt, why would you think its a good thing that it absorbs water. Thats a pretty bad thing in my book.
2. Ohlord, what exactly does the oxygenation levels of the fuel have to do with the MAF voltage. The MAF is measuring how many volts it takes to keep the wires at a certain temperature, and from that it calculates air flow. Whether the engine runs lean or rich, ethanol or gasoline, the physical amount of air flow passing the maf is not changing. Hence it would "Peg" at the same airflow. Might it mess with the oxygen sensors, absolutely, but the Maf is far upstream from the fuel injection. Perhaps I misunderstood your post.
Bottomline, I've run it for years in every car I own including my 850bhp mustang, and it has caused no problems.