You can usually generate a pretty good argument on almost any car nut forum regarding the K&N. Lots of knowledgeable people claim their butt dyno can tell the difference. Others, sometimes with real dynos to back them up say it's BS, and the only result will be a somewhat lighter wallet, more noise from the intake, and more schmutz in the engine because the way it passes more air is by having bigger holes in the filter material.
I had a K&N on a Porsche 911 and I can't say as I could tell any difference at all.
The best thing about them is there are lots of varieties to suit custom applications, and they look cool.