Here's a pic of the new Airaid intake kit installed on my 08. Requires no cutting of the factory radiator baffle (shroud), no tuning required and is reasonably priced. I'm sure tuning would improve that 12 hp gain Airaid lists even more. The kit has a huge washable filter, no restriction there, gets rid of that factory accordion coupler and has two air dams that help prevent hot air from the engine compartment entering the filter area. Has the factory look. Was less than $250 delivered.
Instructions are excellent. The kit installs very easily. Really a quality product!
Maybe not quite the ram air effect of the Vararam but I bet not much power loss.
Ran logs before and after. .343 improvement in my 50-100 mph time with the Airaid. Inlet air temp 2* higher than ambient. If you would like to see my logs before and after email me at
98larry@comcast.net
Here's my install...
http://www.mustangmods.com/ims/u/1291/1870/243029.jpg