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The K&N dropin is worth only about 1-2whp from what Ive seen. The biggest advantage of it really, is it will last bascially longer than you will own the car if you clean/oil it regularly. It is cheaper to own in the long run vs buying OEM paper filters.
I too would like to know how you all feel about this. My car is totally stock and I wonder if it would be worthwhile putting one on. Any disadvantages?