I have a cone airfilter, cheap off of ebay.
It is average, I have seen a roundup of air filters for the M42 and the stock OE paper filter REALLY flows the best. I was in hardcore denial about this......
In regards to the cone filter I have, it is OK, don't notice too much of any diff. More intake noise than anything. I am thinking of going back to stock airbox for a bit.
It has a plastic trumpet on the top mounted on the face of the AFM.
This forms the air better than the 3" metal adapter you get online, etc with cone filters.
To the flow of air, it is a large round tube meeting a smaller square hole, one could presume this effects intake airflow as BMW went to lengths to dev the trumpet in the stock airbox.
I do have a heatshield which DOES make or break doing any CAI mods, etc.
Besides, the stock airbox pulls from up front just behind headlights which to a certain degree, is a cold air intake

Moving the air inlet back (the cone sits about where the stock airbox used to, just a bit ahead perhaps, depending on your retro.
IMHO, there was a fellow on here with a metal airbox that went around a cone that looked really great, and was nice enough to offer up the design specs to share with everyone. The post is around here somewhere.....
If you don't have a chip, get a chip instead of some cold air work!