Exhausts are a personal preference based on what you want to change about your factory set up. You are right in that the main differences are sound and / or reduction of back pressure. When I did my set-up, it was based on two criteria: sound and appearance. I wanted to avoid loud volume that would invade the cabin at motorway speeds and I wanted to go to a single pipe on each side. For me, the Tanabe turned out to be the best. I got 'axle-back' Tanabe Medalions. They have a mild, very low-pitch note at idle. When driving, there is no loud noise in the cabin and are no louder than OEM even at higher speeds. However, when I give it the beans, they growl loudly and throaty. The sound is closer to a Bentley then a Mustang and that was what I was looking for. As for extra kick, HP, etc ... probably not much change at all since they are axle-backs and I did not change the pressures, just the sound and the appearance. They are highly polished and look great under the car. From the rear, they have a wider opening.
Here is the official exhaust thread form the FAQ section. it is 7 pages long and has some great opinions, pics, and good info in it:
m35-m45-exhaust-discussion-thread-t510149.html