I have tried several different CAI methods.
I had the KKM one first which made a bit of difference, but the exposed cone filter sucks up too much hot air in the summer months. Built several heat shields for it, never being satisfied. Story of my life.. Got a cheap ebay air intake so I could have the aluminum tube. Found the aluminum tube gets very hot and bogs down the engine. Attempted to build my own airbox out of ABS sheets and a clear acrylic lid. Worked alright, wasn't very pretty.
Current air intake is an S&B air intake kit (#75-2529-1 ). comes with a box / tube (both plastic for least heat soak)
http://www.sbfilters.com/index.php/gas-trucks/ford-29/2001-02-ranger-4-0l/ford-4-0l-ranger-explorer-01-02-intake-kit-75-2529-1.html
That is the product I bought. It doesn't look quite like the picture. The protrusion on the side is not there. Instead it is open on the front (behind headlight) with a small rectangular hole on the fender side. It works very well. Still makes the hissing sound that a cone filter makes, without sucking up all the heat! I would definitely say it leads to some extra horses / throttle response. I would not consider putting the OEM one back on.
There are some pictures in my library where I have also modded it with a 4 inch "velocity stack" into the fender.
Something to consider anyways. Fitment on my 05 ST was near perfect.