Mr. Browning: I would point out that the brand specifically asked about by the OP, AEM, is a dry filter and has a 99+ percent filtering ability... plus is washable.
I basically agree with your other points. More airflow from a performance filter any type is useless with regards to power unless your engine needs more airflow capacity because you've modified it in some other way. If there is any gain in a
stock(ish) vehicle, it will come at the extreme upper end of the rpm range. Some of the performance filters, as you mention, are a step back in filtration ability, which is not good... but not the AEM. It's designed to have a high filtering ability. Here are some interesting stats:
I recently had an AEM replacement panel filter flowbenched versus the equivalent Motorcraft part number and the MC actually outflowed the AEM.. a fact that AEM did not try to hide. Averaged results from several tests by two classes below:
Vehicle Air fitler - '05 F-150 5.4L
Tested on Superflow SF600 @ UNOH
Stock MC Filter in Stock Housing- 621.58 cfm
AEM Panel Filter in Stock Housing- 592.36 cfm
AEM Brute Force Intake System- 733.30 cfm
Conical Filter Element Alone- 1077.25 cfm
The 5.4L @ 5000 rpm needs 405.8 cfm @ 85% VE
Going back to the stock filter vs the replacement, the AEM appears (to me) to have more dirt holding ability than the MC, plus... it's cleanable. That would be the advantage. Buy one filter at about double the price of a good quality standard replacement and use it forever.
I do not have filtration tests of the MC filter, but I assume it to be as good as most better quality replacements, in the 98-99 percent range.