Just my 02 cents..Not wanting to get in a pissin contest here, just throwing in some of my exp..
K&N makes a good filter. I have them on my cars/trucks. But when it comes to HI-Performance, the K&N doesnt filter down to a small enough micron partical. Normally for Street Use, K&N has no problems getting the job done. In offroad use, they are a big No-No. Ive been racing amateur motocross, and intake valves and head jobs go for a premium. Most guys refuse to use K&N because of this, and the dust particals it doesnt filter. I like their product, but not for Offroad use. I know we are talking street bikes and not offroad, but again, depending on how anal some guys are, this is enough to have them stick to stock, or find other options in filters.
In comparision to the BMC, I havent looked at what their Dust partical micron filtering size is, but I am sure its pretty close to being the same as K&N. With that said, my step-daughters dad in FL runs a Busa, and he has Dyno'ed both the K&N and the BMC. The BMC showed 3 1/2 hp difference at WOT. Obviously theres a lot more motor there, but still, I would think on our R1's we'd at least see 1-2hp difference over K&N.
If anyone has dyno results to post the difference, that would be awesome. Until then, Im just going off of a word of mouth on this.