Got one of these from Newegg a few weeks back, less than $22 as a Shellshocker deal was to hard to resist.
The foam padding is a dust filter that won't interfere with airflow enough to warrant removing it.
 

madass

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May 17, 2009
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Is 76 degrees on an ATI Radeon 4870 single slot, XFX, while tunning Rainbow Six- Vegas @ 1024*768, 4x AA, 16x AF too high? This is why I was wondering if I should remove it.
 
What's the cards fan speed running at ?
I haven't had an ATI card in awhile but as I recall you're able to increase the fan speed with the ATI software, might want to check with the guys in the Graphics or ATI section.