K&N, or not K&N...that is the question.

I've heard very good things about K&N's high-flow filters. But I've also heard of some not-so-good things: reduced filtering vs. paper filters, oil on the MAF, increased engine wear due to particulates passing the cotton, etc. I'm trying to determine what's myth and what is truth, and that'll help me decide if I want to drop $45 on a replacement filter.

EDIT: After posing the question to my friends at CarSpin.net, it seems that quite the vicious debate broke out among mechanics and bystanders alike. It's looking like K&N isn't worth the premium over paper air filters, especially when it comes to actually filtering the air. I'll just need to find a way to attach a paper air filter to what I already have (sans air filter box).