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Mine added exactly 63 imaginary horsepower and even more psuedo-torque. Sriously they just make the Vette sound like it should have from the factory. Mostly louder at wide throttle openings and just better otherwise. Can't beat the price though. Perfect fit too. Love mine.
Nothing really noticeable, other than the slightly mellower tone. It might buy you a couple of HP, but my rule of thumb has always been "exhaust for sound, intake for HP."
From what I have read as well as talking to few people that have dyno theirs after the install they don't add any HP, Biggest advantage is the weight. Very Light compared to the stock C5 exhaust.
GM has stated that Z06 exhaust is less restrictive than the stock exhaust, how much so, is not that clear (someone may know exactly but I've never read exactly how much). As for HP on a dyno, I'd be surprised if you got 5 rwhp but even with a set of borlas, you could only gain maybe 5-7 rwhp. Manufacturers like to tout horsepower gains but most are overly optimistic or state hp numbers, not rwhp numbers.
With that said, the 18 pound weight reduction, the anti-corrosive nature of titanium plus the more mellow sound of the titanium exhaust make it a great candidate for a swap if you don't want to go with a louder exhaust system.
With a set of headers, the Z06 exhaust sound spectacular. They really woke up when I first got my headers. If you plan a LT header mod in the future, its definitely the way to go.