Yes, I agree with you, your cai probably netted you 2 to 5 hp.
On another note, MD's hp numbers can be manipulated. Didn't know if you guys were aware of that or not. Most times if left factory stock, they are very conservative, but that just makes the shop look bad when one of their customers goes to someone that has a DynoJet and makes 10% more power. So what a lot of guys do is go in and change a parameter and it shows more power. I'm not saying that's the case here, I'm just speculating. I looked at every dyno manufacturer down at PRI and talked to all the reps. I was leaning towards a mustang dyno(MD), until I learned there was a user programmable factor that allowed you to change the hp readings. I ended up going with a DynoJet because other than changing the factor(sae, std, etc) you can't change what power it shows. And anyone that looks at it can see what correction factor was used. I could be wrong on this, but I spent a lot of time speaking to these different manufacturers because over 50k investment gets me really serious, really quickly. I have a load bearing DynoJet 224XLC, if you are close, I'll throw it on there for free to see how close the two dyno's are. I would take it to another shop with a different dyno, just to confirm the power output. That's just me talking, I am very skeptical, which makes me a good engine builder and overall mod guy. I have quite a few mod customers that are putting out 300 or over hp on mild setups, so I know this is realistic, just wanted to be able to compare apples to apples.