I think the gains that cats make is reducing as EFI systems/oil/fuel improve and other contaminants within modern engines reduce. Also, as I said, Cats have real down sides...
http://en.wikipedia.org/wiki/Catalytic_converter
Warm-up period
Most of the pollution put out by a car occurs during the first five minutes before the catalytic converter has warmed up sufficiently. .[12]
[edit] Environmental impact
To my mind this is the most damning one. In a quick flick round the web I couldn't find any supporting evidence, but as I mentioned before, I've been led to believe that most cats only start to work after 15-20mins of real operation with the engine running for the whole period. For many people, this is longer than their trip to work/school/shops/bowls etc. So what the cat really adds is extra restriction (more performance, then fuel needed for any given vehicle) and more weight (more fuel needed to move any given vehicle). And believe me, they would be the heavier single component in any modern exhaust system by far.
Catalytic converters have proven to be reliable and effective in reducing noxious tailpipe emissions. However, they may have some adverse environmental impacts in use:
* The requirement for a rich burn engine to run at the stoichiometric point means it uses more fuel than a "lean burn" engine running at a mixture of 20:1 or less. This increases the amount of fossil fuel consumed and the carbon dioxide emissions of the vehicle. However, NOx control on lean burn engines is problematic.
* Although catalytic converters are effective at removing hydrocarbons and other harmful emissions, they do not solve the fundamental problem created by burning a fossil fuel. In addition to water, the main combustion product in exhaust gas leaving the engine — through a catalytic converter or not — is carbon dioxide (CO2).[13] Carbon dioxide produced from fossil fuels is one of the greenhouse gases indicated by the Intergovernmental Panel on Climate Change (IPCC) to be a "most likely" cause of global warming.[14] Additionally, the U.S. Environmental Protection Agency (EPA) has stated catalytic converters are a significant and growing cause of global warming, due to their release of nitrous oxide (N2O), a greenhouse gas over 300 times more potent than carbon dioxide.[15]
* Catalytic converter production requires palladium or platinum; part of the world supply of these precious metals is produced near the Russian city of Norilsk, where the industry (among others) has caused Norilsk to be added to Time Magazine's list of most polluted places.[16]
But then there are these ones too.
I'm certainly not saying we should break the law, because that is totally not on. However, it good to know that everything we use to clean something itself has an environmental impact and sometimes that impact out weighs the intended purpose of the cleaning tool.