Most increase intake roar, but some folks like that. Most offer much less protection to getting water in the system. Fuel consumption should be unaffected (up or down). The one area often discussed for engine damage results from the frequent used of an oiled filter, with the story going that oil is blown off the filter onto the mass airflow sensor, damaging it. I've heard both sides of that arguement (K&N categorically denies it, says there are no proven cases of it happening). I have no idea whether it's true or not.
1

0
