I took my sagging/ripped one off my truck, and it did make it noisier.
I think there are two downsides, it will be louder, and it will heat your hood up more.
The upsides are it looks a lot better, and your engine will most likely run slightly cooler, as it will let more heat out. But I am unsure if it makes enough of a difference to justify it.
I personally will someday get around to installing a reflective aluminum insulation under my hood. I like having a liner, and wouldn't mind a little less engine noise.