Maybe there expensive, but, a: there less hassle than the electric, b: they will last a lot longer, c: you can feel em going in 
, d: more levers in the cab makes you look cooler, e: there cheaper for the 9.5" than the eight inch, f: no motor and electrical connections to be susceptible to water ingress, rust and funk, g:have you priced replacement motors?
Just sayin
I think you are over thinking it. The electric motor is a completely sealed unit with it's own breather. Toyota took into account water when developing the unit. If you heat shrink all your connections and load up the plug with dielectric grease I don't see it being an issue at all. Besides if after all that I do blow an electric motor it is at that point I will consider going the cable actuated route. Why would I spend $1k on 2 new motors when I have completely good working ones now? Here is a thread on the subject:
http://www.pirate4x4.com/forum/toyota-truck-4runner/329079-e-locker-water.htmlDang steve, you covered half the alphabet there. You have a very good point though. For something that does many water crossings I could see them being a better investment than motors. But isn't this your dd andrew?
Yes my truck is my daily. It is also my wheeler. I don't have one of each like you
