This article in this site is interesting:
What it seems to say is that the loud mufflers that teens use in their cars do have a function. They improve mileage and engine performance. I used to think those mufflers were installed just to impress people.The next myth has to do with performance mufflers. Performance mufflers are not just for kids, they can improve many aspects of a car. These include power and the gas mileage a car gets. By letting an engine work easier with a larger exhaust pipe and performance muffler, overall performance is acquired. Decreased engine temperatures are also a side benefit. Of course there is also a louder sound as well.
http://www.autosupportforum.com/general/10-biggest-automotive-myths/