I just received a new 360 Air Intakez in the mail. I've heard good and bad things about putting an aftermarket intake on a 4.7L, but I decided to listen to the good.
It's really quite a simple installation. You remove the clamp at the throttle body, undo two bolts holding the air hat to the intake manifold, and the nut on the far left holding part of the stock intake by the hood hinge. I found it easier to remove the air hat first.
Then there are two little plastic nut things holding the filter part to the truck. I worked at these for a while but couldn't remove them, but with a little pressure they just popped off.
To install the new intake, slip on the rubber connector to the throttle body by itself. It's a bit snug, but it goes on. Then install first angle piece, and clamp. Then install filter onto final angle piece, and attach that to the already positioned piece and clamp them together.
It's really that easy. I would have liked to see maybe about an inch extra length on each end of the final angle piece, but it works well.
As for the performance. I have noticed an increase in power, there is a very slight hiss at times, but it's VERY slight. And the sound at wide open throttle is great, even at half throttle it sounds good.
I haven't yet moved my IAT sensor, I'm still figuring that out with the 2001 IAT, seeing that isn't a threaded type like the 2000. And I am still contemplation whether or not to port my throttle body.
My next project is going to be building a custom heat shield to try an eliminate as much air as possible from the engine bay going in the intake. I have a plan. :)