WAY louder, compared to the way I installed my S&B. The filter was just behind my right ear and the noise was annoying, borderline deafening (probably close to 100 db). Had a friend ride with me and on the second round out, he showed up with a pair of industrial ear protection and said he couldn't stand the noise.
The Honda S&B is also very noisy. Not just the fan, that is drowned out once you start the engine and begin to move. The intake noise is almost as bad as the filter. I experienced one in a 4 seater (I was driving) and right away figured out if I installed the S&B (or any pre-filter) it would be above the roof for noise reasons.
I bought the CanAm Turbo version ($50 cheaper) because I didn't need the Honda mountings or other stuff that came at a high price. If you use the Honda version, you need the switch kit and another harness for an additional couple hundred dollars (or more). I made my own relay/wiring, solid pipes with silicone couplers and exhausted out the fender for just over $500 (About $150-200 less than the Honda unit plus all the required extra parts).
I mounted the S&B on the roof and wired it so it doesn't come on until the engine is started. I can barely hear it at idle and not at all once moving. Next trip out, the filter was off, the S&B was mounted and my buddy threw the ear protection back in his truck. He was amazed how quiet it was.
600+ miles with the S&B and the filter is still like brand new (bright green and not a speck of dust on the filter or inside the housing or rubber inlet tube). Original filter lasted about 200 miles but I expect filters will now last 5000 miles. Even if I get 2500 miles per filter, it will pay for itself after the first filter change. The S&B works as claimed, no doubt about it...