I've had both, and IMHO, I think your choice depends on your situation.
A cold air intake is better for a MSP engine with limited mods, I believe. It will pull in colder air, and that one extra length of pipe isn't THAT much to make a difference in killing any gains as far as the air having to travel a greater distance to the turbo -- not that intake gains in general are anything huge. However, with the CAI's designed for the MSP, you have to consider one major thing -- water. Where you live, are you prone to a lot of rain, downpours, and flooding? If so, be prepared to leave your car stranded, as the air filter sits down LOW and might suck up water if you try to drive in massive puddles.
I now have an SRI. And I can tell you it's much more conveniently located, as changing/cleaning the filter where it's situated in the CAI setup is a huge PITA. But now, I can also pull in relatively cool air even with my SRI because I have a vented hood -- and my SRI air filter sits right by the vent. And the cold air isn't as much of an issue anymore for me, as I now have a FMIC as well.
Just my two cents. Good luck!