We have an X-Pipe on our 73 Mach 1 exhaust system (Hooker long tube ceramic coated headers and Flowmaster mufflers). The X-Pipe will in theory give you more power, but in practical terms you may not be able to tell on the street. What it did, however, is mellow out a lot of the harshness that comes from having headers (they do not absorb sound as well as cast metal manifolds), and it lowered the operating temperature of our engine street/strip built 351 by 2 degrees.
For our 73 Mustang Convertible with a stock 302 2v and a dual exhaust system using the oem manifolds, the prior owner used an H-Pipe with the dual exhaust system he had installed (it was a single exhaust system originally). The tone from its exhaust is deep and throaty, with no tinny or droning sound at all.
As for which is better, X-Pipe or H-Pipe, there is a video from Engine Masters that broaches that subject. From what I can discern the X-Pipe will take out more raspiness, but either one is better than not having one or the other.