To reinforce Dave's response, I felt it on the butt dyno when I took off the original cat at 155k miles. It was a HUGE difference, and by far the best bang for the buck mod I've done. My car was original at that time: test pipe, RA93 chip on stock injectors, and a 233 fuel pressure regulator netted me over 4 tenths gain in the 1/8 mile. Mind you the orignal cat was probably more of a catalytic "clogger".