I just got back from Santa Barbara Motorsports after dyno'ing my stock R12S with only a full-Akrapovic exhaust and oxygen sensors connected:
And again with my new Blue air filter from Santa Cruz BMW and my PowerFRK plug-n-play trickster module. I did the change-over while the bike was on the dyno in about 5 minutes. Here are the results:
As you can see, both HP and torque are up noticeably.

So it's not just the fact that my wallet is a bit lighter. Also note the A/F ratio is dropped significantly too. and the A/F gyrations are more tame at low RPMs, which might have something to do with my perception of smoother off/on throttle transitions? In any event, I'm very happy with the combo. Unfortunately, I didn't have the $$ to do a run with just the new air filter and no FRK or just FRK and stock air filter, though Robert says that my unit is optimized for a hi-flow air filter and full exhaust. Apparently, they can even retune it slightly if I want. Keith at SB Motorsports says that the A/F ratio is probably even a little too rich. Time to go for a ride