it would read more accurate outside the piping, but then the ecm could not componsate fueling for an extremely plugged filter. i had mine like that for a long time when i switched to a bhaf. the only reason i stuck it in the piping was when i went in for warrenty work, and didn't want them asking any questions about it. made no difference in how the engine felt driving with it in the pipe or out of the pipe. i'd move it back out, but now i have a ~1/2" hole in the rubber elbow, so i'll leave it in place.
if you had the tooling to make a little scoop [venturi] for it, you could trick it to make the ecm think you are below sea level under boost, allowing more fueling. the flow of air across the venture would cause a higher pressure area while you are under heavy load [lots of air flow]. . but that is a lot of work for not much gain [or even setting a code if your venturi is too efficent and overpressurizes the sensor]