Resisted a K&N filter for a long time because I was skeptical . . . rode my GS with Y, race can & chip for 2,500 miles, but no K&N. Had an opportunity to borrow and try out a K&N. Tried it. Replaced with standard. Swapped and tried the K&N again. Bought one.
It's not what it measures, it's what it feels like (ooh er missus). It is clearly and percetibly differnt riding the bike with K&N fitted. The K&N makes a difference on my bike . . . official.
To be specific . . . it has made the bike feel slightly lighter and more responsive on the throttle and with more urge from lower down the rev range (3,000 revs upwards, rather than closer to 4,000 without), but it probably hasn't affected max BHP, like you say.