Actually, it's not, really. The airfilter is placed in the engine bay and does not even extend into the fenderwell where the factory puts the silencer. "Cold" air, to me, implies getting air from somewhere other than the engine bay and while the FIPK-II has a sheetmetal separator, it's not hermetic meaning engine-bay air will still get to the filter.
The FIPK gains from (a) the large K&N filter, (b) the airflow smoother flange that the filter mounts to and (c) the smoother path through its ducting to the TB.
The FIPK-II was my first mod and on the dyno it picked up a bit over 9rwHP, going from 228 to 237.