Just as a general, philosophical statement:
If just swapping out an air cleaner would gain horsepower or mileage or whatever, Detroit would be all over it as they go to sometimes ridiculous lengths to gain a fraction of a mile per gallon for the Federal EPA requirements.
Things like throttle body spacers, low restriction exhausts, etc. never give you what the sellers claim. If they worked that well, that easily and cheaply, they'd be on all the manufacturers' cars since they have to work pretty hard to get their CAFE (Corporate Average Fuel Economy) rating up to Fed requirements.
As macrisel's post showed, any significant increase in power or fuel mileage requires a complicated, interrelated combination of components and tuning. They all work together as a system. Changing just one component isn't a magic solution.
Reusable filters like the K&N can save money over the long run if you drive enough miles under dirty conditions. But for the average guy, it's mostly just hype.