Jaren, there is no evidence to support that. In possible fact, louder pipes might make it worse.
Say a person has their pipes really loud. When you are in a cage, you might hear them but you might not know which direction the noise is coming from as the sound bounces around inside. You might be looking around and miss the rider.
Also, as pat said, many times on the hiway, you will not hear the pipes till they are right next to you. Not really much advantage there. many times people say "loud pipes save lives" only because they heard it from someone who knows a guy whos friend was "saved" by them.
One thing loud pipes DO do is give riders a bad name. We cant really afford that much as there are very few of us and it is easy, therefore, to push legislation on us and most people will back it cause the first thing the average person thinks of are riders with loud pipes that they dislike.
Now a person could argue till blue in the face about loud pipes but the fact is, there is only anecdotal evidence to support them. I don't care much one way or the other but I won't ride behind someone with open pipes, not for long anyways.
The ride IS the adventure. The destination is just to get gas!