The great debate continues.
There are several considerations. Looks, effectiveness, cost. The ideal cold air intake is just that, to allow "cold" air to enter the engine. With the excepton of the Volant or home made units, air is drawn in from under the hood. Some manufactures include a partition to help keep the warmer air away from the filter intake.
The inlet tubes should be smooth and theroetically made from an insulating material such as plastic, carnon fiber etc. rather than metal. This affect is so minimal, that looks often out weigh this function. If going with a metal tube I would prefer polished aluminum rather than chromed steel depending on the humidity or foul weather in your area. Chrome can pit or flake while aluminum will not.
The filter should be made of a good oiled cotton-gauze material. Flow capability is important.
Thirdly cost. A PVC homemade cold air with a good cone filter can be made for about $45. Depending on make, a commercial unit will cost several hundred dollars. They are both about as effective in letting in more cool air.