I put one on my FJ and it made a noticeable and demonstrable increase in acceleration.
It is a dry filter so maintenance is easy.
It is not the "cold air" that makes a difference, it is a much less obstructed path for the airflow.
Stock airbox. Inside it are baffles to quiet the intake noise but they also slow the air as it finds it's way through the labyrinth.
K&N- a single tube and much straighter shot to the throttle body.
Headers work well also. Engines are air pumps. More air in, more air out= more power.
This the third personal vehicle I have done it on.
Oiled filters suck- don't use them, unless you clean them frequently like on a dirtbike. They get clogged and can collapse when the airflow is restricted.
This filter has given me almost 50k trouble free miles and I still enjoy it when I am getting on the freeway.