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The fluid dynamics behind this are entirely too complicated to explain how it'll affect air flow. It won't affect power to any noticeable degree, because it's a Y7, and D series motors generally don't care about any basic bolt on modifications. Your idle won't be affected. Your MPG may go up just a hair, but you stand more to gain simply by changing driving habits if you actually care about that. It will make your car louder compared to OEM, because you're removing all of the baffling in the original system.
That being said, there are only two reasons to do this, and suffice to say neither of them are good. Literally anyone who knows what they're looking at will know that you're missing an intake pipe, which will make you look bad, and will also further make all Honda owners look bad, just like every other stupid fad the average "Honda Kid" follows.
I thought it was funny. The one problem i saw was the sensor on the stock filter housing would be disconnected. I'm not sure what the sensor does or how it affects how the car runs. I'm also not sure if the cone filter would produce enough suction. I think its worth a try.