Well I received SOME of the missing pieces from Yakima yesterday but they left out one little thing... The FARING!?!? After a 20 minute call to Yakima AGAIN, I finally got it straight that I am still missing a faring and it is supposed to be delivered tomorrow.
I went ahead with the install of the rack without the faring. It is fairly simple but getting it exactly straight and centered took some work by myself. I ended up putting marks on my factory roof rack so I would be easy to center it if I ever take it off. I haven't received the locks and light mounting brackets yet so I will install those later.
I am happy with the way it looks... though it will look much better with the faring installed, IMO. After the drive to work this morning it became very clear why they make the faring. It was howling up there. It was the loudest between 40-50 mph then got quieter from 60-70 mph.
To answer your question, the rack itself shouldn't rust but any place that the paint gets scratched off and exposes the bare metal will for sure. The light mounting brackets allow you to mount the lights above (where they would stick out on top of the rack above the faring) or below the top bar (where they would mount behind the faring and you would have to fold down the faring to use them). The second way would keep them hidden and protected when not in use.
Here are some pics....
After the install
Here is how it attaches to the Factory Rack
Here is a close up of the bracket attachment