On a stock M42, there is unlikely to be any major gain in HP. The stock AFM is well-sized, and contrary to popular belief, the flapper door is not restrictive (there's maybe a 0.13 PSI drop across it...the TB & head lead to whole-digit PSI drops). The stock AFM is also running at 90%+ of its max capacity on a stock M42 (which is good design practice from BMW's end). That leaves very little room for built engines & forced induction.
However, I have found that idle stability improves, and the throttle response coming off of idle is noticeably better. All around, throttle response seems to benefit. This is likely because the MAF basically provides instantaneous output with no overshoot, versus the AFM that has a delay somewhere around 50ms and some major overshoot, so really it takes 50-100ms for the AFM to start giving proper output after a rapid throttle adjustment.
(note: if your O2 sensor is shot or you have vacuum leaks, your idle will still suck lol)