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Sounds like perhaps the cats and exhaust pipes may not be bolted together tightly enough. If they are loose and banging around (even if you can't hear it), it could be setting off the engine's knock sensor. In that case, the vehicle's computer thinks that a combustion event inside the engine referred to as "knock" could cause damage and will retard the vehicle's timing to prevent engine damage. This significantly reduces power. Best way to find out is to connect a scanner to the DLC and check the history codes.

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Q: What causes the check engine light to come on intermittently in an S10 with a new catalytic converter and O2 sensors and lose power when the light is on?
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