Cutout's on 2000 GT?

This is all I have ever heard about cutouts...

http://mustangworld.com/ourpics/fcar/cutouts.htm

I have been interested in putting cutouts on my car as well, but I have heard information that caused me to decide not to order and install them.

I'm no mechanic, but here is what I've heard.

The point of cutouts is to bypass the mufflers and, if applicable, the catalytic converters as well. By bypassing the cats, you are also bypassing the oxygen sensors. This could cause a problem with the readings that go to the ECU, and the SES light will most likely come on. Additionally, opening cutouts will greatly reduce the backpressure in the exhaust system. From what I understand, this will cause you to lose low-end torque and gain high-end horsepower. Having the cutouts open might not be bad for the track because your engine will be running at a higher rpm during a race, but I don't think they are helpful on the street. They make your car sound plenty intimidating, but you won't be able to back up the threat because of the loss of torque.

Please feel free to correct any of the above information; I stated it as I understand it, and I would like to learn more about the topic as well.