Pros
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1. More torque
2. More power
3. Larger powerband compared to the same cam on the same engine
4. Greater throttle response
Cons
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1. Expense
2. Noise, (they're damn loud!)
3. Possibility of not having room for the brake booster due to dimensional constraints, so a heavier pedal.
4. Possibility of poor power output if the inlet tract is not optimised, (too short is usually the case)
5. Requirement for standalone engine management, (linked to cost)
Power gains are entirely dependent on the setup you have, so they can vary. We gained almost 20bhp peak with a 264 cam, so sr20buds figures aren't too far off there. I would however only recommend opting for ITB's if you are trying to squeeze good top end power from the K11 on a wilder than stock cam where things like valve overlap can be somewhat compromised on a plenum setup.
What I will say is the myth regarding low end torque is just that. Sure if you do a pull from idle up to peak power you may see some losses below 1500rpm, but if you are looking for throttlebodies you are looking for power and have to ask yourself are you really going to be using below 1500rpm much? We showed no losses on the same dyno when switching to throttlebodies and the dyno graph goes down as far as 2000rpm, (can't prove down to 1500rpm), and it's still more torquey on the same cam than the stock inlet manifold.
I would never go back to the stock inlet but I am not everybody and I am looking for a specific thing in the car to go with many other items which have been upgraded and improved.
Edit: Spelling, typos......wasn't fully awake obviously lol