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definitely go with it...the other option is a ram air intake...with the ram air your not going to see much as far as performance so i recommend the panel filter.
The K & N filter is designed to be used, cleaned and then a special oil (comes with the filter) is then put on the filter to help it trap particles. You can also buy the oil separately.
you will actually hear the turbo spooling a little but make sure that your airbox is on there as it should be, you wouldnt want any leaks coming into your airbox...