Most of us have cold air intakes. Boxing it in and ensuring that it draws air from OUTSIDE THE ENGINE COMPARTMENT makes it a cold air intake and is a great idea. Colder air is more dense. ie; more air molecules per cubic measure. Therefore, to keep the air to fuel ratio right, the engine will use slightly more fuel. More fuel and air per combustion cycle means more power. It isn't a lot. But it improves the efficiency of the engine slightly.
The shape of the filter doesn't really mean much. It can be a cone, rectangle, old style cylinder or whatever you like. As long as there is sufficient surface area to allow the engine to draw air through it without any restriction.
I have redesigned my intake system using a Ford air filter box that uses a cone filter. That is attached to my snorkel. So it is drawing in cold air from outside the engine compartment. However. My original intake box with the rectangular filter was also a cold air intake, right from Ford. It drew in air from outside via a hole right behind the passenger side headlight.