All the canister does is collect fuel vapors from the gas in your tank evaporating and lets them into your engine to be used. Plus, it lets your car start eaier. Example: 93 octane is not all 93 octane. It's a mix of heavy ends (higher octane), and lighter ends (lower octane), in a concentration that yields an average of 93. That's just to put it simply. Anyway, lighter ends are more volatile, burn easier, and evaporate faster. If your car sat for awhile, all the lighter ends would evaporate, leaving hevy ends which are less volatile, making your car hard to start. But with a canister, your car lets those light ends (in vapor form) in the canister into your engine, making it easier to start, and run better while it is still warming up.
How many of you without canisters hve noticed your car is harder to start after it sat for a couple days? Probably all of you.
Yes the canister is an "emissions" device. It keeps fuel vapors from escaping into the atmosphere. But it sends them into your engine to be used. Why pay for gas to let it evaporate into the air? Removing the canister will drop your gas mileage for that reason. The canister DOES NOT hurt performance, so why take it out?
If you're looking to lower your gas mileage with no performance gain, just drill a small hole in your gas tank, you'll get the same effect.