This has been discussed before and what I could gather in the other threads was basically this: Yes there would be a slight POTENTIAL for an increase due to the increase in airflow.
Now many people don't want to admit that because what you're doing would be illegal for street use and the tree huggers won't like it for the environment. Personally I am glad that cars have cats as the air quality was pretty bad before we did. Now I'm not going to get my undies in a twist over one more auto enthusiast gutting his exhaust, but some people do.
Now above I said you've got the potential for an increase, but you've got to tune it right. Some people just cut them and subsequently lose power (because the car is tuned for them on) but then they will argue that taking off cats will decrease your power. If no cats caused a decrease in power then dragsters and stock cars would be bolting on cats for HP gains but you don't see that.
In my opinion you will need to be really throwing a lot of HPs out before it would make a negligible difference. If you had 500+ horses then I'd say it may make a difference. Our cats are pretty high flow from what I've heard and I don't cutting them off is worth the smell for lets just say maybe 3hp.
You will defiantly notice the odor, and so will any chicks you take for a ride. They will however just think something is wrong with your car. My fiancee made a complaint about the smell of a truck we were behind (no cats). To me its not worth it for a street car, especially an SUV, but i've got straight pipes on the motorcycle and will on the gasser i'm building.