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I have been around the cold air intake "wars" here on the forum for over four years. And I had CAI's on both of my C5's.
One thing that I have thought about a few times, but nobody else seems to recognize is this - when you dyno a car, it is always done with the hood up, and a very large fan blowing air over the front of the car. SO, you are getting the effects of "cold air" every time you dyno your car - regardless of what intake you have, including stock.
That means the only difference you are seeing on a dyno is the result of the filter and the intake horn - not colder air!
Does this make anyone think twice about the before and after dyno runs that are posted? It sure does me!