What performance aspect are you looking to improve peak power at or near red line? Or, cruise power, low end grunt, etc?
Or, is it primarily all about how it looks and sounds?
A 4 into 1 "can" improve peak power at high RPM if the pipe size (diameter) is selected carefully and the header tubes are all equal/tuned length for the engine's breathing and RPM parameters. That same exhaust will be inefficient and actually lose power capability in the low and mid range operation. It is why this is a popular race option.
A "crossover" 4 into 2 can improve the low and midrange RPMs. The crossover (2&3 share a muffler -1&4 shares the other) makes each exhaust outlet have a 180 degree timing and exhaust note, while improving scavenging. It won't make as much peak power at High RPMs as a properly designed 4 into 1.
Most 4 into 2's have 90 degree pulses as they tie together 1&2 or 3&4. And, these don't really provide much if any performance boost, but you may like the sound they provide. They are usually pretty cheap, too.
The 4 into 4 discounts or eliminates any scavenging aid from any other cylinder. However, joined exhaust pulses (as in other systems) don't foul the scavenging of any cylinder, making the exhaust very straight forward to tune, and works well at pretty much all RPMs. The drawback here, of course, is the weight of four separate exhaust systems. But for street use, it gives good power at low, mid range, AND high RPM, but will not get the "scavenge boost " effect at RPMs where a 4 into 1 system can be "tuned" to provide benefit.
Cheers,
Edit: corrected the crossover pairing reference.