if you run your car without a cat, then the check engine light will come on and you will idle weird. however, if you get a custom test pipe made with a o2 sensor plug, you will not have crazy idle problems. the check engine light will come on, but a simple ECU reset (removal of 7.5 clock fuse in engine bay) will take care of it until you shut off and turn your engine back on.
as for gains i was very very pleased with the gains i got from a test pipe. i have a 5th SS w/ I/E and a teammate has a 4th gen 5spd prelude SI with I/E and test pipe. with my stock cat i lost by 1.5 car lengths in the 1/4 mile. however, with a test pipe on i was able to pull up until his door at 80 mph, so i think if i was racing the 1/4 mile with him with the test pipe i would either be head to head or ahead by 1/2 a car.
in the car i really didnt feel any difference on the "butt dyno" but the results of the race showed me how much of a difference it made. the exhaust note on my GReddy PE was also much louder..a good loud
so if you are not worried about emissions and stuff i recommend getting a custom test pipe made. it makes a world of a difference! and if you have a 5spd you'l probably have more gains to the wheel than me
sorry so long btw