Both of these seem like very good assessments, but it's about the physics of it. Are we sure that there's only to be a static x° rise, relative to the ambient temperature?
For instance, the end-air from the air compressors at my job always run at the same temperature year-round unless the radiator is outside of the plant (then of course in winter the system runs more effenciently.) This would imply that cooling the air after compression makes for a more efficient system (that that's why we have FMIC's.)
One the other hand, if you put water in a tea pot and heat it for 5 minutes, then yes, your ending temperature is going to differ depending on what it was when you started.
I'm not sure that air compression follows the same rules as the latter example. Worth some research, though, since there are some that swear by CAI's.
(my .02 :thumbup