On the four cylinder engines (not sure on the larger ones), the cat, when functioning properly, actually is supposed to help engine performance. It supposedly adds just enough backpressure to the engine to aid power output. Absense of the cat, or cat guts, is like having an oversized exhaust system. Just doesn't help.
I don't agree on the gutted cat/backpressure issue but I have not enough knowledge to argue; I think the computer would read the o2 the same whether the cat is there or not, as the o2 is in front of the cat. And would still try to achieve stoichometric[spelling and proper use?] regardless of backpressure.
On the newer vehicles with OBD-II or newer, you really don't want that cat removed or gutted. The secondary O2 sensor will flip out and kill your power and fuel economy because it will assume the cat is outside of normal operational parameters.
agreed [with reservations]
Not to mention that intentional removal or knowledge of removal of a catalitic converter is illegal under federal emissions standards.
How does the poster know the cat is gutted? Can't just shine a light in there.
The previous owner should be smacked around a little... =)
just because! jk