Just gutted my airbox....
 

Wow. Why did I wait so long? What a nice difference. Butt dyno says it feels better. Probably a nice combo with the Magnaflow cat that went in recently. I just ran up it past 150 km/h and it was just pulling smooth and strong. Brand new Purolator Pure One air filter in there, which is supposed to flow a bit better than a standard paper. Wonder what a K&N would do? Probably makes more sense to just do the K&N with a CAI tho.
As far as sound, no complaints. Haven't tried it on a cold morning start yet, but after sitting in the driveway for 2 hours with the hood up, it didn't sound bad at all on start up. Even at wide open throttle it did not sound too loud. If anything, it could have been a bit louder. Wonder if the 98 just has more sound insulation?
Two thumbs up for this mod! :)

Oh, and one thing I discovered tonight was that the intake from my 93 L67 would NOT work. The compressor for the ELC on the 93 is behind the airbox, while it is beside the airbox on the 95. So no can do to that mod! bummer

Was thinking about putting in a K&N filter, but I really don't think that would make sense. The biggest flow related issue now, I would think, is not the filtering media, but rather the rubber accordian pipe after the airbox. That cannot be doing anything good for the flow. Until that is dealt with, I just can't see that what I use to filter can in anyway compensate for the horrible things being done to the airflow by the accordian pipe.
Or am I missed something?

I run a K&N filter - and I will tell you I can't notice any sort of difference at all.
Even though K&N is a good product - a simple replacement K&N filter won't provide the 10hp claims they make all the time - you need a new intake for number like that.
As for a gutted box - I still don't think you will really see much gains - and gains that will likely not justify the cost of the K&N

If you have more mods done and you had a K&N in, you would see more noticable changes in performance.

One thing to realize is that if you get a K&N you'll pretty much never have to replace it, lol.

Well, again, what is the greatest restriction in your intake system? I think mine right now is the accordian pipe, more than the filtering medium. But I do have a ported and polished LIM that is about to be installed, and I am gonna do something with the exhaust manifolds at some point too, so I am probably flowing more air than you are anyway.
Real helpful if you add any mods to your signature.

what I was saying is as a simple air-filter replacement, you won't be seeing any noticeable benefit.

With the ported/polished LIM and some exhaust work you may see some gains - but you will also need to get rid of the accordian piping like you said.

Damn straight. THe stock airbox is incredibly restrictive. I sure don't think the filter medium would have any effect on the performance.

The airbox gutting makes a heck of a difference because of the restriction. You may notice a slight increase from a K&N . Now..let's talk about that accordian piece. It migth allow for non laminar airflow.. and the MAF screen takes care of this... but it's not a restriction.

I replaced mine with a piece of smooth INTENSE wall tubing and noticed no difference.

When I gutted my air box and dropped in a K&N I noticed an immediate increase in HP, I have no way to tell how much but it was quite noticeable.