Charles,
I have done this. 4 very large holes in the front of the airbox on an S2.
Conclusions? It makes the car feel more responsive wiht small throttle openings. You don't need to push the pedal as much to make the car go. It's slightly throatier on wide-open throttle acceleration, and that's about it.
It does make the car 'feel' different, although I can't quite put my finger on why. I think it's to do with the greater responsiveness at small throttle openings, as above.
I reasoned that it would liberate some more horses, but am not sure. It doesn't actually feel any much faster as a result. I would question the figure of 10bhp.
One point to note - on the S2, the air box is under the badge panel, and cutting holes in the front of it does open the front to the airstream approaching the car. This should offer a small degree of ram-charging at high speed, which *may* be happening (wouldn't like to swear to it but it does cruise very well at high speed.) It does also (in theory) mean that small stones being flicked at high speed at the front of the car could pierce the air filter and enter the inlet tract. However, looking at it carefully, I think that although this is possible, it is extremely unlikely (and a risk I am happy to take.)
FWIW, I have a standard air filter.
If you are in the London area and fancy swapping airboxes to see what the difference is like, I'm quite happy to play ...
Oli.