my blazer currently has open headers waiting for an exhaust and it runs like a turd. The motor has 10k miles on it. I was told that when you hit the exhaust stroke the valve timing overlaps so that both the exhaust and intake valve are open at the same time for a small period. What this does is use the velocity of the exiting exhaust gasses to pull more fuel/air into the cylinder. But with open exhaust you can pull some of the new unburnt air/fuel out the exhaust port causing a lean condition in the cylinder, poor fuel economy, and backfires from unburnt fuel in the exhaust pipes...and judging from the flames that exit my headers I'd be inclined to believe it. But keep in mind this is something I was told by a mechanic and I personally have no scientific data to back it up.