Considering all the above, I probably won't consider removing my muffler.
Although, just for discussion:
I usually run with NWOR, and there have been some crazy cars there. I don't even know what to call them - you know, the "insane, definitely not street legal, not even a car" cars? I've heard some noises made that are probably louder than a prelude without a muffler. Perhaps this issue would be better to discuss with people from my region.
About power output - how would this slow me down? It might not be an incredible gain, but would do
something. I know this isn't my car, nor does my engine/exhaust have these modifications, but this H22 dyno is what made me consider this whole thing in the first place:
More than 7 hp was gained from removing the already "high flow" Apexi RS (now sold as WS - World Sport) muffler.
I know this still isn't much power - and probably wouldn't help me (of all people

) improve my time, but the argument shouldn't be automatically dismissed. It was worth considering.