I would tend to agree with RM, but I also think the S4 is a different animal...
While low restriction exhaust will make the turbos spool faster, the S4 already has fast spooling tiny turbos to make it the king or torque at a measly 1800 rpm. And changing the exhaust to very low restriction may cause the turbos to overspin at lower rpms, thus confusing the ECU as it plays with the air control valve and fuel and timing to compensate for this overspin and overboost at low rpms.
Well, of course that depends on the exhaust design in general, but IMO, if putting a low restriction exhaust, probably a good idea to increase turbo size and chip it (then again, intercooler space is tight) but 350-375 hp is possible.
Probably belongs in the Performance Forum now, but comments are welcome