as ^^^ says, it is now an MOT requirement and it can (just) be seen even with the engine cover on.
A/ it is yet another thing that can go wrong
B/ as ^^^ says about the performance and fuel efficiencies, What I had hoped to see in de-catting both my 300tdi and my TD5 were absolutely not discernible in either performance or fuel efficiency, and I watch that like a hawk, doing brim to brim checks all the time.
So my 4 pennorth is to take it off, clean it, and put it back on. Then do that every so often. Also keep an eye on the inlet manifold to ensure it does not get bunged up with sludge.