Hey hey now, it's not totally worthless!!!!! A lot of us get exhaust for the sound!!!
A majority of people notice a loss lof low end with an afteramarket exhaust. I didn't but take into consideration that's with a 454
Headers, Cats, etc, it won't help increase power a whole lot w/ a stock muffler, since you're not allowing those devices to do their job with a stock muffler holding up all those cfm's. Install a free flowing muffler, you'll see a significant gain, even without headers, cats, etc.
You won't alter the power curve a bunch with just an exhaust, but ebnough to where it's fairly noticeable.
The best thing you can do is let the engine breath, so an intake and new exhaust is a good starting point, then other things such as a tb spacer, aft. intake manifold (they're available for some GM apps. at least), etc.