Re: chip or CAI for performance
IMO, HiddenTalent has a hiden talent. He is right on with everything. As your first venture into modding, the SC tuner is your "best bang for the buck", and would be a great first mod, especially if you get the added Advanced Transmission Tuning App. (ATT). This is especially true if you plan to do any off-roadiing. You may see as much as 10 hp. but, as others have said, if you want more gains, you'll have to throw a bunch more $$$ at it.
Your stock intake will be more than adequate, unless you plan to get into some very extensive internal engine mods. Just remove the lower drain cup in the airbox (if it's the same as the 5.7) and attach a 3 in. aluminum tube to it. Run it to a place behind the grill and be sure to punch a small drain hole at the lowest point in the tube so you'll still have the drainage capability. Then add a K and N or TrueFlow drop-in filter. Since an engine is just a big pump, only capable of processing a certain amount of air for a given displacement, the air processing capability of the stock intake system is more than adequate. Your goal is to make it as free flowing (low restriction) as possible, and still provide adequate filtration.
A good low restriction custom or aftermarket exhaust of the appropriate size is also a good investment, both for performance and economy. Don't know what the 4.7 guys are using, but the 5.7's work well with a complete 3 in. system. Just be careful not to go too big or you'll end up losing power. I am sure the 4.7 guys can chime in and tell you what works best on them.
A camshaft swap (I am doing it right now on my 5.7) IMO should only be done after the intake, exhaust and tuner have been done. Otherwise you're doing it backwards and won't realize the full potential of the cam. If and when you do the cam, make sure you research it well, and do the complete, recommended kit that goes with it. Again, you don't want to do it half way, if you're going to toss the $$$ at it. The cam and kit that I am installing has been dyno proven to bring ~50 hp and 35 ft. lb. of torque, but at a cost of ~$1000, and that's just for parts. If you want to know more about what all optional/should be changed, just ask. Again, research as much as possible, all the cam grinds, kits, accessories, to reach your desired goals.
05 LX/RT & 06 WK/GCO, modded similarly, MDS "ON" Light, Vortex Gens, Debadged, DashHawk, BT Catch Can, SRT CAI W/Add Air Inlet, K&N Filter, Sonnax Trans Press Booster, SC Tuner W/Adv Trans Tuning App, DS Tuner, Cust tube headers w/3 in. catback, Bilsteins, SRT frt/rear bumpers, Eibach SRT Lwr Sprgs & Sways, FRI Sidewinder Cam Adv 2*, 6.1 valvetrain, SLP 25% UD Pulley, BBK 90mm TB, SOS Coils/.060 plug gaps. 20 in. SRT Reps.