Yes and no

on #4 srx (just sold) i did fit a replacement K&N for a while, the bike was already running on modified spring and needle in the standard carbs(dynojet kit.. at £70 not really wort the hassle), and a modified predator (nuffink inside the 'silencer') exhaust system......however, before i sold it i fitted a new standard air filter, and to be honest there was little or no difference in any of the areas you'd expect (idle, accelleration, top speed, cold start, hot start etc)....main advantage is wot old Bill said, you can wash it out in petrol, re-oil it and away you go, must be a saving in the long run
SteveL