The benefits of the CAI cone filter are two fold.
First, the lower restriction will improve the engine breathing and besides sounding cooler (pun intended) it will produce more power (maybe 5 hp which will be hard to notice).
Second, the cooler air will improve power output. It won't be any cooler than your OEM intake because it will draw the air from the same location if you go the fender well route. If you simply draw from the engine bay, it will decrease your power and negate the effect of the first benefit.
Remember the law of physics. For every 10* cooler that the intake charge is, it will produce 1% more power.
Your engine bay is about 130*F, which is roughly 50*F warmer than an outside temp of say 80*F. That equates to 5% hp gain which is significant if you are already producing 200 hp.............10 HP