A friend gave me one for christmas years ago. I used it in that vehicle for a couple of years, and then transfered it into a new vehicle and used it for 4 more years. I cleaned it and re-used it many times and I still have some of the cleaner and oil left from the original recharge kit.
I did notice a light improvment in performance over the standard air filter, but nothing earth shattering.
I'd have to say it's definately more econimcal than the standard throw aways.
As far as dirt getting in the engine, I never experienced any trouble. I used it in a couple of Durangos. The second one I put the K&N in a brand new vehicle. I recently traded that one in, over 4 years old and 96k mile - never once had any trouble.