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the factory Y pipe is OK.. but.. not the best flowing. the AAM is a more efficient design
More air = more power... not to mention it sounds better
to be specific, it's less restrictive, and allows a better flow through the pipes.. just imagine breathing through a straw with a stock y-pipe compared breathing through a large tube with the new y-pipe. There are some write-ups about N/A motors can actually gain some power with the right pipe diameters and such (it's a common practice for 2 and 4-stroke go-karts as the exhaust is THE place to mod and get the most power). Turbo cars run best with the larger setup since it's about boost applications and you are cramming more air into the motor and well, you'll need a way to let all that air come out too.
I had the y pipe on with my stock exhaust at one point. I couldn't recognize much difference. Remember, your setup is only as strong as your weakest point. By that I mean that if you have stock cats, a y pipe and stock exhaust you're gains will be minimal because of the bottleneck of the stock cats.
But if you have test pipes, a y pipe and more free flowing aftermarket exhaust you will see better gains.