Yesterday, I had the breathless performance exhaust installed on my smart. The noise is appreaciably louder. Even though I did not dyno test it, I can say without equivocation that it has made the car drive much better. Off the line acceleration is noticeably faster, shifts are much smoother without the huge lag between gears. I took about 5 or 6 smart owners, who had driven to Dania Fl from up to 200 miles away for test drives after the mod. Every single one of them commented on the increased performance, whether driving as we would in the city (slow and crawl) vs. flooring it down a straitaway. If Ernie from breathless had more exhausts in stock, he would have sold at least 4-5 more systems.
The only downside, for me, is that it is louder than I thought it would be and I would definitely go with the "touring" version. I am older, so the need for loud mufflers is not as great as it was in the old days.
Also, every single one of those corvettes, at Ernies, sounded louder and certainly could blow my doors off, just standing still.

That being said, most of those corvettes, at ernies, were not the type of car I would drive on a dailey basis, nitrous costs too much and I would be afraid some jerk at Home Depot would ding my doors.
Guess the message to my ramblings is that I like the added HP (whether percieved or not) and our typical mildly modified smarts will never outrun a yaris.