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If your stock air filter is loaded up, replacing it with any type of new filter will help fuel mileage.
A new stock air filter works well and I have never seen a mileage increase with aftermarket units. Engine noise *does* increase with some of the low restriction aftermarket filters, but extra noise does not equal extra power or better mileage.
The oiled style filter elements do pass more air than the stock filter but they also pass more dirt. If you have a mass air vehicle an open element filter under the hood will actually reduce milage.
I'm not a fan of K&N products. I work as a technician and too many times I've seen newer OBD-II vehicles come in the shop with codes PO171 and PO174 (lean exhaust, bank 1 and bank 2). Open the hood and sure enough, there's a K&N installed. Despite claims to the contrary by K&N, oil from the filter contaminates the mass air flow sensor which causes the ECM to alter the fuel curves based on false readings. GM has already issued a service bulletin advising technicians not to honor warranty claims if the vehicle has an oiled air filter because of this.
If you run an oiled air filter, cleaning the MAF becomes part of common maintenance. Being able to clean the filter and reuse it is nice, but don't expect any power gains.
I used to have a k&n in my 97, my gas mileage was worse until I put in some hotter spark plugs than my mileage did improve, didn't notice any performance gains. wasn't worth the $100 bucks I paid for it.