A decat WILL fail the MOT, but they do offer a performance advantage over a high-flow 'sports' cat. On stage2+ on a K04 based car we typically see 350-360hp but with a decat we have seen 370+. Logs show lower EGT's and the mapping usually allows a richer AFR with a few degrees more timing advance under full load.
However, I am yet to carry out a back to back test with both items on the same car.