We did extensive dyno testing on air filter/airbox combinations about six months ago. (This was all performed on the same '97 GTS on the same day, with comparable coolant temperatures.) The K&N carbon fiber airbox lost 5hp, hood up or down, compared to the stock, unmodified airbox with our K&N filter/smooth tube combination. The Hennessey airbox gained 5hp over the stock airbox/K&N filter setup, but only from 5k rpm on up.
Air doesn't like to change direction, and the K&N airbox's curved plastic tubes just don't make a straight shot into the throttle bodies. Plus, the filters aren't open at the end, which doesn't help things. And so you know, the NACA duct isn't a "ram air" device. It's simply an opening for air. There's about a 4" boundary layer at speed between the hood and the airstream, so it's not really ramming air in at all. (Hence why ProStock hoods have their scoops so high off the hood. Oh, and to also clear the big blowers underneath!)
The Hennessey airbox made about 5hp more than the stock airbox/K&N filters/smooth tubes, but for the money, it's a bit more suited to a higher-hp motor. For looks, though, you can't beat it. It's simply a spectacular looking airbox.
These are our findings on this particular car. Other people may have dynoed parts differently. But for the money, it's hard to beat the stock airbox with K&N filter and smooth tubes...