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<E36> M3 Performance Upgrades

My friend was recently involved in an accident in his 5 month old M3
resulting in some significant front and rear body damage to the car (the
accident wasn't his fault) to the tune of $15-20k.  Among one of the items
on the car that was damaged was the exhaust system.  Since it now needs to
be replaced, he was wondering if there would be any performance gains by
using an after market exhaust.  He is planning on having a Dinan exhaust and
airbox installed and either a Dinan or Jim C chip.  

Should he expect any power increases with the Dinan exhaust/airbox or is he
better off with the stock components?  About the performance chip, does
anyone have any strong feelings (one way or another) regarding the Dinan
chip or the Jim C chip working in conjunction with the other components
(exhaust/air box).

Any insight would be appreciated,

Thanks,
Mauricio

P.S. Jim C, if you read this post, what are your views?