Not a very interesting/important mod, but here goes.
Installation: Cake (duh)
Stuff you need: K&N part# 33-2090, ~$37 from Performance International (
http://www.performanceintl.com/ ). Opposable thumbs. Oiling/cleaning kit (for the future, ~$7).
Quality: Very nice, should last nearly as long as the car. Pre-oiled so you can put off buying the kit for awhile if need be.
Results: Slightly increased power through the power band (very slight, don't expect much and you will be pleased). Revs a bit more freely. Very slightly increased growl in midrange/WOT. Your last air filter purchase!
This mod had another interesting effect I had not expected but is very nice. From the day I got my 5sp base '01 (with 5 miles on the odometer) I noticed the power curve under 3k or so was a bit odd. Nothing major at all, it just didn't feel totally linear for some reason (I'm very sensitive to these kinds of things; call it an obsession). It was like the car had an oh-so slight surge of torque around 1800rpm which died off a bit, then came back a little later around 2200rpm. The K&N totally eliminated this and it's noticably easier to pull off the line slowly without bogging. This alone was worth the cost as taking off in my lude has been somewhat trickier than I think it should be (I'm a long-time stick driver, but something about the clutch and very low-rpm throttle response seemed too finicky before the K&N).
I can't compare this to a nice CAI because I have no experience with them on the 'lude, but for those who don't want to bother with that route but still want a little something extra this is a perfect mod. No dealer will ever give you grief about it, either.
What more could you ask for in a cheap mod?