I've got a K&N drop in in mine. I haven't seen a tremendous gain horsepower or fuel economy wise but I like the fact that I can clean it whenever I want. A detail a mans truck that has a K&N cold air intake on his ranger. He says he has seen a difference. But I have no clue how much.
Regardless of what you go with, K&N is a great filter. I like the fact I can clean it is why I got mine. If you're looking for fuel mileage or horsepower, I got the best results by changing all my fluids. Rear-end, transfer case (4x4), transmission and front diff oils. I use Royal Purple, pricey but I like it, it's full synthetic so you don't have to worry about changing it again for a while. You get a whole lot better take off from the fresh fluid everywhere and it shifts a whole lot better too.