K&N only do one for the SV, it's not very good. You might get away with no rejet but I wouldn't want to myself. Certainly not worth it for peak power, but a filter and good rejet does do a bit for engine responsiveness and broadens the power curve, which is nice. Could pove expensive to set up, though.
If you want to go for actual power and big improvements, you need to look at a full system and either a BMC Race RS or desnorkelled stock filter (the yanks love the desnorkel, nobody here seems to have made it work IIRC- I'll give it a crack when the bike's getting dynoed.) Big bucks though, I've done it but unless you just like modifying bikes it's a waste of money IMO.
Desnorkel means two different things... On the K3> it means removing the snorkel, which is basically an air intake pipe I think. On our bikes, it means cutting out the middle of the stock filter (or a K&N for that matter). Google for snorkelectomy and see what you can see.
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"We are the angry mob,
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We like what we like, we hate what we hate
But we're oh so easily swayed"
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