As someone who spent way too much money on a K&N FIPK...
Leave it alone. Nothing is going to give you any gains over what's there from the factory, mileage or power. As others have said, the factory intake draws cool air from the fender and flows plenty for these engines. Run a good OEM style paper filter and change it regularly. Personally I'm not a fan of the K&N and Spectre filters, they're all oiled gauze. While they flow better than your average paper filter, they're much worse at actually filtering anything. Plus if you over-oil when cleaning they have a tendency to seep oil into your intake tubing and foul up your MAF. Factory is the best option in this case.
If you really want to buy one just for the looks, go with a Volant. They're the only aftermarket design that draws air from the fender like they're supposed to. All the others just draw hot air straight out of the engine compartment.
EDIT - Also, the "Vortec" box that everyone's talking about on the 96+ trucks is just there to kill resonant frequencies in the intake and quiet things down. Removing it isn't going to significantly effect airflow one way or another, it'll just make your intake louder at certain RPMs.