True duals (Borla = 8.2 , Injen = 7.6, Stillen = 8.1) gained the most HP on a VQ35DE. The Nismo S-tune gained 6.3 hp in this test.
HKS single, only mid pipe and rear section is quoted by HKS at 6 hp gain. One-off scenario online, I found a G35 owner gained 7.5 hp. Throw in a y-pipe, maybe 6.5 hp gain off HKS's number.
Torque, the duals still beat Nismo, except for Borla, which only gained 2.72 vs Nismo's 4.5. Injen (5.1) and Stillen (7.3) beat Nismo.
I couldn't find any torque gains from HKS, but being a smaller diameter, I am anticipating the same as Nismo, if not slightly higher torque.
These numbers are top end gains, and I would probably guess the HKS faired better than the Nismo throughout the entire curve ever so slightly due to the 2.5". Also, throwing in that Y-pipe should make a somewhat material difference.
That's why you'll see piping diameter typically go smaller than stock for true duals to eliminate any losses for a NA setup.
All that being said, as a daily driver, sound trumps gains for me, as long as their aren't any losses in hp or torque vs stock.
These should somewhat reflect the FX35, but due to the longer pathways, maybe slightly difference, and also due to different engine tuning.
If you are FI, that's a totally different story on piping diameter and you typically want larger.
HKS vs Nismo? Mild go HKS. Louder, go Nismo. HP/torque difference will be unnoticeable.
I'm going to sell my HKS and try something just a tad louder and stay single vs dual...