The system I just had installed just vented the exhaust and left the intake open minus the elbow. They said they preferred not to run it outside if possible since nests are a problem. Mine's in a basement and old one so not worried.
Yeah...I suspect they didn't want to run it outside because it can be a huge PIA to get a hole big enough through basement wall and have the intake come out where it is allowed to be (required clearances and height off the ground).
When I was doing my own, I spent the extra time (took me probably an extra 3 hours) to terminate the intake outside the house.
The furnace manufacturer does not say that the furnace will be more efficient by sucking in outside air...because it won't be. Furnaces are rated on the percentage of available heat from the fuel source that makes it into the air stream being blown into the ducts. They don't have to deduct for the loss that will occur when you **** (heated) combustion air out of the house and then have to reheat cold air getting sucked in around windows and doors or through other gaps that will now have to be heated by the furnace.
In an unheated basement it would make less of a difference, especially if the basement isn't that tight to begin with....but to me it made sense to do the extra work to make the system just a bit better.
In the 5 years or so since I did this I haven't had any nests of any kind or any issue with the vent.
Phil