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Mostly it's horsepower. Running open loop will yield more horsepower but dump the exhaust into air. Even if you have it not going into the downpipe and have it facing downward, you will smell it though. Running closed loop will decrease horsepower but you won't have to deal with the exhaust fumes. If you decide to run open loop, you should sitll have a pipe that leads the fumes downward. It may also kill your alternator if the gases are venting to it. I had to replace my alternator from runnign open loop for a bit.
Not sure what percentage horsepower difference it would make.
ps. I couldn't find the oil line at home. I'll go check out the shop this weekend and see if I left any of my stuff there.
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Garrett|RC|Tomei|Zeitronix
Eclipse|BostonAcoustics|JLAudio
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