I am an engineer that worked in engine R&D for a short period of time early in my career and there are two schools of thought on engine performance vs. protection. The first school of thought is to have a relatively free flowing air filter, and to rely heavily on oil filter performance. Most Japanese engine manufacturers are of the opinion that the engine will last longer if you have a tighter air filter, but it is an good tradeoff to regain the marginal power loss with a more free flowing oil filter.
Personally, I don't like the idea of letting more particulates in to your engine than necessary, as they cause more wear on the valves and the cylinder walls that the oil filter cannot address. I'm sure the engine will last ACCEPTABLY long if you use a K&N or other looser air filter, probably longer than most people will keep the bike anyway so I suppose you could justify it on economics, sort of like the old synthetic vs. mineral oil debate. I myself will stick with the OEM air filter.