The velocity stack has basically no filtration. It has a screen to keep out rocks and bugs, but that's about all it keeps out.
A short velocity stack doesn't do much of anything on these bikes, but it can help a little with unrestricted intake flow. To do anything more than that would require them to be longer length than anybody offers. Our low-revving bikes need long stacks, and the aftermarket stacks are all made for high-revving bikes that only need short stacks.
They do look cool, and give a racy appearance. Great for bike shows. When riding with the stack, it would be best to avoid dusty and sandy areas. You won't kill anything by riding with an open stack like that, but over time you get some effects of the dust in the engine, which tends to make things wear out a bit faster.
I doubt you'd need to do any re-jetting, because I think the Ace Air Canister will flow just as well, and the rubber connector tube on the Ace Air Canister offers a stack-effect of about 3" as it comes, but it's still too short for any real wave-tuning effects at our rpm range.
Essentially, you're looking at just an appearance option, as far as technical aspects are concerned. But losing the filter can cause some accelerated long-term wear, so I'd use the stack sparingly, just when you want the appearance effect of it.
I like the looks of a stack on there too. It's cool.
But for normal riding, a good filter will be better for engine longevity.
It doesn't say anything about being compatible with the AVL, so I'd check with CMW about that when ordering.