I've been using K&Ns for about 40 years and have always been very happy with them. The gain from a high-flow air filter like the K&N is mainly in performance and ultimate cost (from being reuseable). But any change in fuel economy with respect to a computer-controlled, fuel-injected motor will be negligeable. This is because the mass air flow or air density sensors, depending on which type of FI system you have, will regulate the injection to a constant fuel/air ratio regardless of the amount of air inducted. Thus, there is an increase in the amount of available horsepower, but that isn't going to come for free either. The amount of fuel necessary to produce any given amount of horsepower, with or without the K&N, stays the same.
I'm still searching for an answer as to why the Liberty's fuel economy is so crappy though. I've talked to a few guys at work who told me that it was common knowledge that Jeeps, in general, get lousy gas mileage. In fact, they acted surprised that I didn't already know that. So, if anyone can explain to me how it is that my Tahoe does better I'd sure like to hear it because I can't figure it out.