The main benefit of going single is weight. (and balance since the entire system is on the passenger side)
Just to throw some math at you, the cross sectional flow area of a 3" pipe is 7 square inches. The flow area of two 2.5" pipes are 9.8 square inches. It's only a 20% increase in flow area but it comes with a lot more weight and a lot more friction area from the extra walls and bends.
More math... a 10' section of 3" pipe has 7.85 square feet of wall area, 20 feet of 2.5" pipe has 13 square feet (and twice the bends).
So basically 3X the friction area with 20% more flow area. In real world numbers the extra flow area won't do anything unless the 2.5 system is a cork. So any normal street car probably won't see a HP increase worth the cost.
BUT every car, no matter the power level, will see a performance advantage with less weight.
My personal GN has a SS 3" single shot with a Dynamax Race Magnum. I've got a pretty hot roller 4.1 and there's nothing to gain from opening the dump (except noise and turbo whistle). One of these days I'll toss the muffler. It didn't quiet the car down any but it killed off a lot of whistle at cruise.