K&N is probably one of the biggest hustles today. And anyone who says they installed one and felt a power increase is obviously feeling the placebo effect or whatever. Dyno runs have proven only 10 hp at the flywheel on the stoutest high reving Big Blocks... get that through your 4x4 valvetrain and it equals next to nothing. Also K&N's allow more dirt through then a paper filter... something to think about off-road, especially desert runners and dusty rock crawlers. You will actually gain more hp wise by the type of air cleaner housing then the filter itself. The reusability is nice but still ends up costing about what a cheap paper filter costs after buying the cleaner kit.
No mods will make huge gains on a stock engine. Your best bet for real gains is to save up for a head, manifold, cam swap. That will be a major kick in the rump, but even then you will need headers and a good exhaust to flow it.(which should really be your first mod). At least after you send a grand, you see some major improvements instead of shelling out 700 and seeing nothing.
Other then that... gears give a lot of bang for the buck depending if you can set them up or swap whole axles. MSD coil, with .060plugs, and a good set of taylor or msd plug wires is a pretty good boost of ignition. I also like the dual snorkle air cleaner assemblies with dual tubes... they IMO are worth the 100 bucks after you have done some other mods.
All in all...just think before you buy. If it sounds to good to be true it probably is (or it has a catch like carb spacers-which work good on some motors and actually hurt other motors). Seek real world, dyno proven results by independant companies or shops (NOT the Manufacturer or a mag that has them as an advertiser!)