Opinions vary on this, and needs/wants vary too.
We have a 212s and I thought I might need cones, steering mods, intake mods, etc., but after using the boat completely stock for a week, I had little desire to do any mods. I can't detect any cavitation - it hooks up to the water and blasts off like a rocket (the pump intakes look well sealed so maybe it's just not sucking air), the stock steering is almost the same as my old I/O prop for handling, etc. The only thing I added was a second keel rudder tie-rod from Cobra-Jet to balance out the steering - makes the steering a little more natural and reduces wear in one cable. I do not plan on doing any other steering mods. I may replace the air filter boxes with K&N style filters, but if it adds much intake noise I'm not interested. The intake ribbon delete is more difficult with the newer 1800 engines so not really interested in that now - maybe when the warranty is done and I'm bored, I might do it.
The 212 series has massive amounts of power for acceleration and speed - the jetpumps are great for acceleration but not as efficient for top speed, and I'm very happy with the stock performance. Top speed indicated 53.4mph stock (hits 50+ consistently in any normal boating conditions) using regular 87 octane fuel, and leaves most single prop boats behind in acceleration. My wife still shrieks when I punch it at 25mph and we take off like a cat whose tail was just stepped on. We've had Fountains and Bajas cruise along beside us with curious looks after we take off because they can't keep up till we hit the high 40's and then they blow past us hitting 70/80/90+mph. Our jetboat doesn't have the legs to keep up at speed with those monster powerboats, but still not bad for a little 21 footer. We'll never go back to a prop boat unless we win the lottery.