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I had a link before my computer went down, of a page where they showed results of a test. K&N vs Airaid vs Volant. As I recall, the K&N showed the most peak HP one time. However, it depended a lot on the conditions. The Volant was the most consistant. The Volant gave like a 5HP gain but it never really changed. The K&N did as high as a 7HP gain but fluctuated as low as 3HP. The Airaid never got over 4HP.
You might try to google for this as I am recalling from memory and it's been a while since I looked at it. I have considered a kit but can't justify the price for a few and I mean a FEW more ponies. Gaining 5 HP isn't worth the $200.00 in my book but hey, that's just me. I made a home made kit for my 4.6 out of PVC pipe and a few more things. The dyno said I picked up 19HP. I couldn't tell it that much. It was slightly different but not that much. It sounded different and drank more gas, that's about it. So I can't even imagine paying a couple hundred for 5HP.
More often than not the HP gain are at the top of the rev range where you will never use them. With the CAFE fule standards knocking on the door and the HP war that is on you don't think that if changing an air filter was the be all end all that Ford would not do it? Just my thoughts.