Do spike intakes restrict air flow?

I have to believe this setup is restricting flow, maybe more so than the stock setup. The filter itself is small and the openings in the spike cover are small. I'm only getting about 30 mpg and she smells like she's running rich (carb'd bike).

Plugs look fine though (well, I think they look fine, at least they're not all black like I thought they would be).
I might cut away some of the cover to expose more filter. Or K&N makes a heavy breather type filter that should just hose clamp on to my 90 degree elbow. Might try that, although I like the look of the chrome spike.
Anyway, just wanted to get some thoughts and opinions. I like the look, but am wondering if my performance is being hurt. My gas mileage certainly is.








