Its a nice setup, but cost is high, and I'm dubious of any significant gains. I insulated the factory air box (removed it and covered it with stick-on foil-faced foam insulation) and then isolated the airbox inlet so that it would only receive air from outside the engine compartment. If you are worried about the accordion messing with air flow, there are silicon intakes available on ebay for $60.
If you get the AFE, definitely post your experiences.