Hey, PopJack! MANY THANKS for the excellent summary & pics on the filter change - did mine last week and your instructions made it very easy.
I also really appreciate the tip on the magnetic screwdriver - essential! I still lost a couple of screws (one during removal and another during installation!

) down into the body of the bike because the strength of the magnetic field of my screwdriver was VERY WEAK! A tip on this - take a strong magnet and rub it a few times on the shaft of the screwdriver to strengthen the magnetic field - may make the difference for you like it did for me.
IF (or should I say WHEN?) you lose a screw down into the body of the bike below the filter housing, you may be able to retrieve it like I did with a $9 flexible magnet from Harbor Freight - what a lifesaver (pic below)! Took a little persuading to get the magnet below the rim of the filter housing, but I was able to retrieve the lost screws!
I wanted to respond to the question of what type of filter. I had actually ordered an OEM filter online (~$35+ shipping) with the initial thought that I would replace whatever was already in the bike, because I didn't know how long it had been there - would rather know for sure. So I start releasing the tank as described and get it past the handlebar risers (not without a little finesse due to handlebar attachments the previous owner had put on!) and then I see this nice pretty K&N sticker on the filter housing!! AAArrrggh! Now what will I do with this new OEM filter that I ordered?!?!?! I hate paying return shipping on a "low-cost" item, so I'm going to try to work a deal with the Honda dealership that is replacing my front fork seals and doing a "bow to stern" inspection. I'm also ordering a couple of dealer-only parts, so I'm hoping they'll work with me and take this filter off my hands.
Anyhow - all this to say that I've been running a K&N filter all along, without know it, and while I don't have any "non K&N" air filter experience to compare, my bike is running great now that I have new plugs and fresh gas! I did the recommended filter washout and re-oiling, and as I start riding more, I will track my mileage and see how it's going.
When I pulled my K&N out, the inside of the filter had some gunk in it - to be expected - that washed out very well with the recommended solvent and light application of forced air from my compressor (held the nozzle about 8-10" away, using 75psi). BTW - if you've never done a K&N filter refresh before - a word of advice - do it outside if at all possible!! If you have any overspray of the solvent, it will hang in your garage for 2-3 days!
I also think this whole discussion of air filters is missing some very important information that I believe could have an effect on the response of the bike to the filter - things like altitude, ambient/average temperatures, other riding conditions (dirt roads vs pavement), commute miles in a big city with stop/go traffic vs open road miles, etc. All these things will have an impact on mileage and bike/filter performance in a variety of ways such as air/fuel mixture, dirt/exhaust from other vehicles which affects O2 content/etc in the ambient air, and the list goes on. I think a lot will boil down to personal experience and preference in your riding environment, as well as taking good care of your machine. Find a product you like, put it in, then get out & ride - that's where the fun is!
Happy riding now that we have Spring and Summer upon us!