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It's not unanimous by any means, but many here will tell you to save your money. There seems to be a growing contingent that thinks CAIs are a waste of money.
I did one on a 1997 7.3, but I used K&N hardware and a replaceable Donaldson paper filter. The belief among many is that the washable oil type filters don't get the job done over time. Sure, they're used in a lot of performance applications. But many guys say that they'll allow enough dust in to trash a turbo.
Get some opinions, sort through them and do what you think is right.
Went with s&b on my 15, little more noise other than that didn't notice a whole lot. Their dyno showed 10-15 hp so maybe but with 860 stock torque hard to notice!!
I bought an AIS intake from Rock Auto for $186 shipped about a year ago. Looks good and work very well. The AFE one looks nice, but I have to say that I don't think I would pay $400 for it. I do like how it makes a shroud around the battery, but what about the CCV? Unless there is a port under the intake tube somewhere that I don't see, I guess you would have to re-route it out.
Some CAI's are a waste of money, but you can be sure that the OEM filter housing on the 99.5-2003 was a piece of junk that allowed a lot of unfiltered air in and caused turbos to be dusted.
I would much rather have a tuner for $400. I used to get a Napa 6637 filter and a short piece of pipe from a hardware store. This worked great and cost about $60. I attached a pic of what I and many others have done.
In reality you probably won't even notice a differance in power. You will hear the sound of the turbo more but that's about it. The real truth is it's freaking cool! We love are trucks and want to buy cool stuff for them that makes them even more awesome to own and drive! If you want it and it makes you feel good to buy it and put it on your truck then do it! Life's too short to sit on the couch and say "I'll do it someday!" NO SIR! When I open my hood I get a warm tingly feeling and a smile that doesn't go away till I open my wallet! LMAO!