Fenderwell - hands down. Whatever you decide to use - either a home-made version - or spend big bucks - you will see much better gains over the stock config and definitely over a "Cold" air intake. Those are for looks only in my opinion - the gains over stock are negligible at best.
Here are some pics of Farns' intake, then Brian's, then my old one (now Abrasive's). I bought the JMB intake - and yes it required a good amount of surgery to make it fit correctly and honestly I don't know that I'd do it again. I would probably go the route the Jason or Brian did, to be honest. But mine was purdy.
Farns:
Brian (Reptile)
JB (Abrasive - my old car)
-Swash
