While it's true that slip ons will only give you a minor increase in overall horsepower, one has to look at the increase throughout the entire rpm range of the bike in question.
I just finished reading a great article where they tested 30 slip ons on a YZF 600 (I think it was). The peak horsepower figures were only three or four HP higher than stock (and a few more could likely be squeezed out of it with a high flow air filter and adjusting the fuel mixture and timing), but what interested me was that the slip ons increased the HP in the lower rpm range - between 4,000 and 7,000 rpms where my bike (750 Katana) is somewhat lacking.
Another factor (albiet a small one) is that most slip ons will reduce the total weight of your bike - some are lighter than the stock can by more than 11 pounds!
They do change the sound of course, and some buy them for this purpose, but most slip ons cost upwards of $1,000 Cdn. and I don't think the gain is anywhere near worth that price.
I'll replace my exhaust system with an aftermarket one if and when it rusts out!
