I made a homemade cold air intake using the stock air box. I used a 3" hose going from the stock airbox thru the fender and ends on the air dam.You can use a smaller hose like 2" or 2 1/4" ,that size is better for clearence on the fender *Make installation easier too;) *
Pros:
Free mod/Cheap mod
Faster spool up
Power comes up early and stay longer in the rpm band
2 or 3 plus psi without boost controller
Better mpg
Simple and effective.
Cons:
If the car is not black the hose is more visible
The air filter is going to be dirty more constant
You need to clean (if you have a K&N) or change the air filter (if you have the Stock one) at less miles than before.