I believe the greatest restriction in the intake system is the tube running from the airbox to the throttle body. The corrugated section creates turbulence as the air passes through it.
I haven't done this mod on my Liberty yet, but I did on my Magnum 5.7 Hemi...
I disassembled the intake tract and cut out the "accordion" section and replaced it with an appropriately sized aluminum tube, added a drop in K&N filter and was done with it. I left the airbox stock, it draws cooler, ambient air than what can be found in the engine compartment.
Not having access to a dyno, I can't claim any HP increases, however the engine does seem to have a bit better throttle response and it "pulls" a little stronger at the top end. Of course, the latter could just be that it's now got a little more aggressive intake roar.