If we were serious about horsepower, we'd put on modern systems -- and I'm not talking about the lowball mild steel and chrome silliness from Kerker, Jardine, Supertrapp, etc. -- I mean modern stuff like Akropovic, Hindle, et al.
I mean, really, the stock exhaust -- and the cheapo replacement stuff -- is ancient technology, and it weighs a ton. Drop a grand or so on the latest titanium system, figure out how to bodge it onto your bike, and you'll drop 15 or 20 pounds, and open the wide world of broad, flat power curves. Hell, throw on a set of the latest CV carbs and you'll have a whole new bike.
But the fact is that most of us make do with the low-end stuff, me included. So we buy what looks good, what we feel like paying for, and then we spend an eternity fiddling with our equally low tech carbs, trying to get the bike to run as well as it used to. And if you're like me, the bike won't ever see a dyno. (If you're really like me, you're just happy with a bike that idles and accepts throttle. We'll just ride around that massive midrange hole that our cool new $100 pipes made.)
Two cents, etc.