A well-designed exhaust system contributes a small amount to a streetable car's power by accelerating the flow of exhaust from the cylinder head to the tailpipe. A small amount of backpressure is necessary. A full on racing engine is so efficient at moving air that it doesn't need the backpressure- hence the lack of exahust. Cutouts (or dumps as they're also called) will remove most of the backpressure from your system by dumpin the exaust right after the header. Unfortunately, that will slow the exhaust flow, which means less efficient combustion and ultimately less power. Sounds better, runs slower. Incidentally, I had a muffler shop remove the stock mufflers from my 97 Lincoln Mark VIII (4.6 DOHC car) and replace them with glasspacks. Car sounded better, ran slower. Such is life.