As far as my experience, the real world HP gains are never up to what the manufacturer claims. Look at the dynos run in all the tuner magazines and the gains aren't as impressive as stated.
And just because you take the stock exhaust off, it doesn't mean that you automatically loose the 10 HP. Exhaust systems are restrictive. Cats and mufflers all reduce exhaust flow, as well as the bends in your piping.
The HP rating is as NWG35 said, based upon replacing your stock system. If you took off the your exhaust system, i would think you have more HP rather than less. All the aftermarkets basically make the exhaust freer flowing than stock and reduce the sound muffling. (of course theres more to the design overall).
So no exhaust would be the freest flowing of them all? Just have straight pipes shooting straight up from the headers or exhaust manifolds like the old hot rods.
