This is an old review which says you can have your cake and eat it. I don't know if/how much things have moved on since it was done.
http://www.mkiv.com/techarticles/filters_test/2/
I've said it before, but I've got issues with the pseudo-scientific testing they did in this. - The principle is sound enough, but it's like Mythbusters; just pretending to be scientific whilst being entertaining doesn't actually make it so.
I have no vested interest in the results, obviously I thought a K&N was best despite what the results say.
My main issue is that the kind of power increases they recorded are not significantly different; that's the kind of variation you get between subsequent runs anyway. At best it should say that there is no real difference in performance increase between any of them. - If you think about it, on a 100bhp engine you're saying it's 1% better than the others... obviously on a 300bhp engine you're talking about 1/3%; can you really measure that repeatedly?
My second issue is that they haven't actually measured the change in flow despite talking about it; anyone who's done the vacuuming will know that it keeps on sucking whether there's something stuck in the end of the wand or not... it's just not sucking very hard.
It seems like they've made the assumption that increased power is from better flow (which goes back to my main issue).
The filtration test I can't argue with. It does show that the A'Pexi gives the best filtration. However, the manufacturers of the oiled filters will tell you that their filter gets better with use (as the pores get smaller from trapped dust already caught); I'm pretty sure K&N tell you not to clean the filter too frequently for this reason.
So that makes me ask "what would this test be like if you repeated it on filters that have been in-use for a couple of years?".
Anyway, that's the main reason that I think the surface area (i.e. biggest filter) is the most important factor. - If there was a massive A'Pexi on the market I'd find it hard to argue against that.