The question of whether or not cheap oil filters are just as good as the Piaggio OEM can't be answered w/o test data. It would be helpful in anyone has seen any kind of comparison test data on hi-flo vs. ANY other filter types to see where it rates in general. Without test data the question becomes how much you're willing to risk wear and tear on your engine which may not be important to you if you're only going to keep your ride for a couple of years. If you're not buying the original you're best advised to stick to a medium priced name-brand filter and not go for the cheapest filter you can find since these almost always involve some compromises in workmanship and/or materials. (I work with design engineers at a manufacturing company.) You cannot judge filter quality by where it's made as a variety of countries in Asia (China included) now offer some of the best manufacturing technology and quality around and are only getting better as they compete for business.
The best test of the oil filter is measurement of the condition of the oil (suspended particulates) under a controlled set of running conditions. The impact on your engine probably isn't going to be seen with any filter after only 10,000 miles of riding unless it's a catastrophic failure.
The most important attributes of the filter are surface area and porosity of the filter media (natural or synthetic fiber). The objective is to filter out the smallest particles possible w/o blocking the filter within the normal oil change interval. Increasing the amount of surface area increase the amount of time you can use the filter of a defined pore size before it is blocked.
The other key component is the bypass valve. This allows the oil to bypass the filter and return to the engine in the event the filter media becomes blocked so you don't lose oil pressure and blow your engine. However, there's almost no chance you'll ever need this valve to work if you are changing your filter at recommended intervals.
The following site provides nice information on how an oil filter is supposed to work.
http://www.secondchancegarage.com/public/297.cfm