The improved airflow of K&N filters will give marginally more top end power at wide-open throttle, with quicker throttle response on non-turbo engines at the bottom end but these are of limited benefit off the race track. Even on rolling road tests, before and after figures show only small increases.
The downside of K&N, and similar filters, is the increased engine wear because more particle dirt gets into the engine.
I wouldn't dream of fitting one.