You get reversion in both the intake and exhaust. How much is dictated by the cam overlap.
In the exhaust, it is only an issue if you start sucking in water from the lake. It also helps create the sound of the engine, and earlier opening of the exhaust valve causes some of the combustion at low rpm to happen in the exhaust pipe - this is where the lopey sound comes from.
In the intake, it dilutes the fresh intake charge, and causes the mixture to be off at lower RPM's. You compensate by running the mixture richer at idle, giving the stink smell and blowing unburnt hydrocarbons out. This is why big overlap cams are not used with anything that requires a smog check. As the mixture is mostly diluted by its own runner, really a TR / single / dual doesn't have that great of an impact on it.