I have read a few people have removed the airbox cover on the ss. What are the advantages and disadvantages of this?

 

Advantage: Louder "WHOOSH".
Disadvantage: Sucks in hotter air, when not moving.
If you have a functional hood scoop, then it works. "Moon"

 

It is all about the sound. The stock airbox is very good, if a little ugly. Search 'lid-lift', you get less of the disadvantage of hot air (and CEL if no tune) and some of the advantage of the whoosh sound if you like that.

 

X2

 

You can also slightly lower under hood temps, by removing the plastic pieces on either side of the radiator. They just pop out.