Not Ranked
In terms of performance, it is best to not let the exhaust gasses cool, because pipe velocity drops when the gasses cool. Black absorbs heat. Shiny, reflective surfaces reject heat. Therefore a silver coating on the inside of the pipes would be better than black, from a performance perspective.
Although this is true, I wouldn't expect a huge power difference. A race team, looking for every last pony, may do this if the rules allow. Maybe someone has ran a dyno with and without coated pipes and can speak to the difference.
I'm not saying this is going to matter, however silver is theoretically a step in the right direction.
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