I'm not sure what all the hype is about. The K&N filter is of good construction that will last through many cleanings but even though it can flow good air, even a paper filter probably flows more than the normally aspirated engine can consume. Therefore the performance difference is marginal. The filter is expensive so calculate how many paper units you could go through before breaking even.
Speaking of induction mods though. All carburated and TBI Camaros have a restrictor ring in the stock air cleaner. Around the mouth to the throttle body is a ring that has been spot welded to the inside of the air cleaner. This ring leaves only a small gap for air to flow into the engine. Using a large screwdriver and a hammer, the four spot welds can be broken and the ring removed from the air cleaner. To get more air into the nozzle (past the head light) cut and fold in the protrusion in the hood that ducts cooling air into the hood. Eliminating this obstruction will get more air to the air intake of the engine at speed.
To get an even larger air flow potential, install the L69 Dual Snorkel intake. The L69 has about 4 times the air intake area and was used on the early High Output carbureted engines. The part can be ordered from Classic Industries under part number G6044 in the Camaro catalog or ACDelco part number 25043641. The kit is pricey at almost $200 but comes with the base, lid, filter and Thermostatic sensor motor assemblies. Two minor mods are required to fit the air cleaner. A hole must drilled in the cleaner base next to the existing thermostatic sensor to install the computer's temperature pickup sensor in the air cleaner. Second, the AIR control box that sits just behind the AC compressor will interfere with the passenger snorkel and must be moved. The AIR control box is bolted to a rigid tube that is attached to the air pump. My solution was to remove the tube, cut a 3" section from the middle and then reconnect the two pieces with a short length of 3/4" diameter heater hose and 1 1/4" clamps. The air cleaner doesn't come with pickup hoses from the snorkels to the front of the car. I leave it to you to decide on how to deal with this, if at all. The GM part numbers are 14070917 (left scoop), 14070918 (right scoop), 14073299 (left hose), 14083990 (right hose) and 11513801 (screws). There is also a spark arrestor ring siliconed into the cleaner base that can be removed as the stock fuel injected motor doesn't appear to need one. The advantage of the L69 unit over an open element air cleaner is that it looks stock, or should I say better than stock, and retains the Thermostatic motors which keeps the car street legal and allows better warm up. You'll notice better throttle response and a stronger top end but be advised that this is an expensive mod for what you get in my mind. Also the motor will be somewhat louder with the snorkels unplumbed.
For those of you wondering about the efficiency and potential of a TBI fuel
injection system, consider that the small block TBI is rated at 500cfm. An
L03 305 engine running at 5,000 rpm consumes (305ci * 5000rpm) / (12^3ci-per-cf
* 2rev-per-cycle) = 441cfm This assumes a volumetric efficiency of 100%.
Say your engine is only 80% and the consumption drops to 352cfm. Clearly
the TBI is not the restriction in the system. This injection system is well
matched to the motor providing good torque because it is not oversized and
still providing enough flow at the top of the engine band.
The same TBI used on the L05 350 is squeezed a bit at trying to provide 506cfm
but that engine, other than being used on police Caprices, is primarily a
truck motor where high torque is more important than top end.
The TPI unit was designed for the 305 motor and though it has larger throttle
plates, it has small runners that provide strong low end torque but die out
at 5000rpm. The 350 squeezed worse.
All these potentials can only be realized if there are no other restrictions
to flow such as in the valve train, exhaust system, intake manifold and air
cleaner assembly.