I actually had the same question. Well, sort of the same question:
I have a stock EX 94 Accord, normal ride height (at the moment, I'm saving for first a muffler, then springs) and I was wondering what would be better:
1) Leave factory intake tubing and throw a high-flow filter on
-I did this with my old 93 EX wagon and I immediately received improved throttle response and a pretty kick-ass noise for a 4-banger (Plus a cute little sigh when I turned the car off)
2) Complete cold air intake, with by-pass if I can afford it
-I always avoid puddles, if I see them, but that's because I know my hometown's shitty terrain/ road conditions. I'm taking my car to college next fall, and I don't know what the puddles are like there.
3) SRI
-The idea of a SRI doesn't appeal to me, because it's just sucking hot engine air. If I had a hood scoop to cool everything down on the other hand.....

__________________
Domestics talk tough, bark tough, and burn gas better than imports. Too bad they can't bite

Any domestic who starts talking shit about Hondas:
Can your car pull 30mpg easy? How about 25mpg? No?
Hondas can; riced out, modded, turbo'd, supercharged, whatever, they still smoke any domestic AND get great mileage.

Honda = Performance + Efficiency


1st: 93 EX Accord Wagon, Auto- Spectre Filter with aged-stiffened shocks to improve road feel
#2/ Current: 94 EX Accord Sedan, 5spd- Filter, more mods to come...? ($$$)