I currently have a y-pipe on my exhaust, which is acting like an open exhaust right behind my dual cats. I bought the car like this and it came with a cap that I can put on the ends in order to let it pass emitions. What I'm wondering is if this current set up is good performance wise, and would I gain much by switching to a different exhaust set up.

 

It's called a cutout, it basically bypasses your muffler. Its as free flowing (best power) as you're gonna get.

 

Thanks for the correct terminology. I like the way it sounds, so I really didn't want to get rid of it. That is unless there was a big difference in power.
Alright I'll keep it.