I have had both the old design AFE and the CBH.
I originally did not like the AFE. The way my '03 is, the air filter gets soaked by rain all the time. The water penetrated the filter and went into the intake. Because the AFE was only powdercoated on the outside, the inside of the pipe corroded. There was a white powdery substance all over the inside of the tube that easily flaked off. I had the AFE powdercoated inside and out, and it is GREAT!
I love the sound of the AFE, and that metal tube really carries the sound.
Before powdercoating the AFE, I ordered a CBH to take its place. I received it, and found the quality to be nice. One thing I did not like is that the support rings are bare metal. If water gets in there, they'll corrode as well.
As far as the sound, the CBH allows the turbo whine to be heard, but there's a resonance in the AFE that the CBH does not have.
If I had to pick one to stick with, it would be the powdercoated AFE