K&N filters, and similar intake modifications whose purpose is to make the intake less restricted, would generally have no effect on highway drivers and hypermilers. The stock system with the original filter has to flow enough air to make maximum power, with wide-open throttle near redline. Highway cruising uses a small fraction of that power and a small fraction of that airflow.
Additionally, there is data showing that even a badly clogged air filter won't reduce fuel economy, just power. A clogged filter, or a less free-flowing filter vs. a more free-flowing one, may allow less air in; but to match that less air, there is less fuel used. I would guess that a severely clogged air filter would contribute additional pumping loss, energy wasted getting air into the engine; but an OEM-style filter that's not awfully clogged should be every bit as good for fuel economy as anything else.
Data on clogged filters not reducing fuel economy:
http://www.fueleconomy.gov/feg/maintain.shtml
http://www.fueleconomy.gov/feg/pdfs/...02_26_2009.pdf
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