In rally cars these anti lag systems are very popular because without them, the large turbochargers would have an unacceptable amount of lag. Basically, when the throttle is closed, a special valve allows a lot of air in the engine, the engine computer runs a very lean mixture and retards the engine a crazy amount. The idea is that you intentionally ignite a very lean mixture (causing very hot combustion gases) while the exhaust vavles are open, putting extra hot exhaust right into the turbo. That way, the turbo can keep spinning even when the throttle is closed and there is no turbo lag. Even though a lean mixture is bad for power (compared to a somewhat rich mixture, that's why most cars will run right from the fuel map if you go open throttle - because the narrow band O2 sensors most commonly used provide horrible accuracy at any air/fuel mixture not immediately around stoichometric and so you they wouldn't be able to run a closed loop feedback system for a non-stoich mixture), I would think that there is still some impact on engine braking and how fast engine revs can drop. I can't speak from experience though, I've never driven a car with an anti-lag system installed.
In a street car such a system would be a bad idea. First, there's a tremendous amount of strain on the turbo and the exhaust system. Exhaust gas temperatures would soar, and if you've seen how hot turbos get already I think you would be loathe to put them through an additional few hundred degrees. The shock of exploding the mixture directly in the exhaust system isn't a good idea unless it has been specifically designed for that. Additionally, such a system would be very loud, destroy all catalytic converters and muffler baffles in short order, and be an absolute environmental disaster. Pro teams that run rally cars don't mind spending thousands on beefier turbos and exhaust systems, don't have to worry about noise and emissions regulations, and don't mind replacing entire cars after a single race (I doubt even the racing parts would last very long in a street car).