I don't like ANY oiled cotton gauze air filter. Oiled air filters are for lawn mowers. And even THEY run foam, not cotton gauze. The oil can contaminate the mass airflow sensors (on cars that have them) and just pass too much dirt for my taste.
There are good alternatives out now as have been discussed. This isn't the 90s anymore where K&N was the only game in town. I have a homemade cold air intake on my Caprice that had a nasty cone style K&N on it for years. I swapped it for a big paper filter from a late 90s truck. No performance loss...MUCH better filtration. When in doubt, increase the filtration surface area.