I tend not to blame the air filter unless it needs cleaning. About the only thing the K&N may affect would be the idle speed due to the increased air flow but that's stretching it a bit. The idle and the syncronizatrion are all internal to the carbs regardless of air cleaners. The carbs require a sertain volume of air for wherever the throttle puts them at. The free flow of the K&N allows less restriction to the change in air flow, which results in better acceleration, but does not affect the mixture ratio once the air is in the carbs. That ratio is determined by the mixture jets.
Another way to look at it is a normal vacuum cleaner that develops less suction as the bag or filter gets clogged. Nothing has changed with the motor or the suction turbine, but due to the fact that the path of incoming air is reduced, the less the suction. So, keeping the air input unclogged is the secret to better performance. K&N has larger pores for air to pass through so more volume of air is available for the carbs. Keep in mind that the carbs are only going to take as much air as they need which is really determined by the piston in the intake (down) stroke. The carb's main function is to mix a precise amount of gasoline into the airflow as it passes through. This is done by the oriface size of the metering jets and works on a principle that Mr Ventura developed from Mr. Bernouli's studys.
Now, the downside of a K&N is that it does allow larger particulate matter to pass through it which means more contaminants entering the carb and engine. Not big enough to cause damage, but it will dirty a carb faster than an air filter that won't allow as large of particles. Such is the price you pay for performance. As far as fuel economy, the K&N filter will, in some cases actually slightly improve fuel economy. What really affects fuel economy is driving habits...