I think the exhaust note/volume plays a significant part in the perceived performance & 'sportiness' of a car. 500s are generally set up to be very quiet under most normal driving conditions, whereas AMGs typically aren't. Will made the comment earlier "the 5.4 barks into life" - would that still be the case if attached to a standard 500 exhaust system?
Undoubtedly the exhaust note makes a difference, but I’ve always found pre ‘63 AMGs pretty quiet in general exhaust wise.
My CLK55 was always garaged so probably the exhaust note comment maybe exaggerated as on cold start (fast idle) it always sounded a little louder than the others but yes, the AMG exhaust system would clearly be different (and sound different) to a regular 113-engined model.
Some of those differences perhaps (larger bore/maybe different cats etc?) may have an influence on the power output and the rest (ie sound) add to the driving experience. But I never really noticed a great deal of exhaust noise in general when driving unless the windows were down - hence many AMG owners used to mod the exhaust system (not me though!)
As said about the gearbox/diff ratios etc it would be interesting for the OP to perhaps dyno before/after the engine swap, or perhaps some timed acceleration runs (ie in gear 30-70 or 0-60, 1/4 mile etc) whilst keeping the rest of the car as is (ie exhaust, gearbox, diff etc)
The additional power should be noticeable but I would always expect the in gear acceleration to be quite a bit better with the additional torque from the 5.4 on a 5-speed transmission