Harry - all i'd say is mk 1 hood even with good seals you don't want to drive distance on motorways with the hood up.
Hmm I've driven mine through torrential rain in germay for several hours, and ok I got the odd drip but nothing terrible. (Mine has original S1 hood).
I'm sure if I cared enough, I could get the seals beefed up a bit by a workshop somewhere, but to be honest it's not an issue really for me. If it was parked outside a simple 'shower cover' would be fine to keep the water out. Iv'e got a full car cover for it too while it's in the garage - but thats to keep the dust off not to keep the water out!
From what I'm hearing the later hoods are easier to put up and down, but seem to leak more than the original. (which I still think looks nicer...) Certainly my seals are 5 years old, and I put the hood up and down just about every time I drive it.
I'll be heading down to devon in it tomorrow night into the face of some pretty bad weather and it's not bothering me thinking about it!