End Caps
Increased Power? No
Larger Sweet Spot? Yes
Less Annoying Vibration? Yes
End cap performance was tested for two paddles - a Six Zero Ruby and a Friday Original. The Friday showed no increase in power with end cap weighting added. The Ruby showed a decrease in power. There was a favorable effect on sweet spot size and handle vibration.
Power
An air cannon was used to propel a Penn40 ball toward two paddles at 50 +/- 1 mph - a Six Zero Ruby and a Friday Original. The rebound velocity was measured with and without end cap weighting. Several readings were averaged and the results plotted as a function of location on the paddle face. This is the same type of testing used by USAP (PBCOR, Paddle Ball Coefficient of Restitution) and UPA (PEF Paddle Efficiency Factor) to measure paddle power.
Surprisingly, the rebound velocity of the Ruby was about a half mph less at every location. The Ruby's power decreased. The test was repeated for confirmation. The addition of end cap weight on the Friday had no effect (within experimental error) on rebound velocity. For both paddles there is no increase in power by adding weight to the handle.
But ...........
Should we discount the views of users and podcasters that report "easier to maneuver at the net", "added plow through", "feels a little softer", "greater stability", "more pop and power"??
The reason for the disconnect between the objective measure of less power using the air cannon and the subjective feeling of many players may be caused by the improved "feel" of the paddle after adding weight.

The rebound velocity is displayed at various locations across the paddle face. The rebound velocity with end cap weighting is slightly less at every location for the Ruby. It appears the same is true for the Friday.
Annoying Vibration
Every paddle vibrates after an impact with a ball. It's easy to feel (and hear) the vibration by holding the butt end of the paddle between thumb and forefinger while tapping the paddle at different locations on the paddle face with the handle end of a large screwdriver.
The vibration is larger when tapping at the throat and tip of the paddle. The vibration almost disappears near the center of the paddle face - you've found the "sweet spot" or the center of percussion.
Or, if you have access to a ball machine, hold your paddle with a standard grip at the exit and feel the vibration in your hand - lots of vibration when the ball hits the tip or throat of the paddle. The vibration disappears when the ball hits near the face center.
An excellent animation of the "diving board" vibration can be seen in Figure 3 of Paddle Reactivity Rankings.
To measure the amplitude and frequency of the vibration an accelerometer was attached to the handle in two places. One, at the butt of the handle; the other at the top of the handle.
Note: There are two definitions of "sweet spot". One is the location of maximum power. The other is the location of minimum handle vibration. The location of maximum power may or may not coincide with the location of minimum vibration. For a detailed technical discussion see The sweetspot of a hollow baseball or softball bat by Daniel A. Russell, Ph.D.

The accelerometer is attached to the handle using the grip rubber band (black). The location shown is near where the index finger and thumb would grip the paddle. The alternate location of the accelerometer is at the butt end of the handle where the palm of the hand would rest. The paddle is freely suspended on a latex exercise band (blue) to allow maximum vibration.
The vibration from an off center impact (14 inches from the butt) at about 12 mph was recorded and graphed. The narrow initial spike (the ball impact) lasts about 2 milliseconds (0.002 seconds) after which time the ball has left the paddle face. The "ringing" continues for more than 150 msec.

Paddle vibration with no end cap weight lasting 150+ milliseconds after the ball impact
The vibration from an off center impact (14 inches from the butt) at about 12 mph with a 1 oz end cap weight was recorded and graphed. The narrow initial spike (the ball impact) lasts about 2 milliseconds (0.002 seconds) after which time the ball has left the paddle face. The "ringing" is less intense and is shorter in duration.
In essence, the end cap acts as a vibration damper.

Paddle vibration with 1 oz end cap weight.
The frequency content was extracted using a Fast Fourier Transform (FFT). The frequency with the largest amplitude is 322 Hz which is in the hand discomfort range. Off center hits with a stock Ruby or Friday can produce hand discomfort.

The Sweet Spot
We all know when we've hit a ball on the sweet spot. It feels like a "hot knife through butter". There is little or no vibration. The stock Ruby's sweet spot (as measured by vibration at the butt) is 11 inches from the butt. As the impact location moves away from the sweet spot in either direction the vibration increases.

Adding an end cap to the Ruby significantly reduces vibration at every location and increases the sweet spot size as shown in the graph. The reduced vibration may be why players report added plow through, a softer feel, greater stability and more power. But don't mix up the feel of reduced vibration with more pop and power - the first graph above shows no increase in rebounding ball velocity (power).

The Friday Original paddle shows the same improvement with the addition of end cap weight.

The vibration at the top of the handle near the throat is less intense. There is no significant vibration reduction with the addition of end cap weight.

Summary
All paddles vibrate as the result of the paddle/ball impact. The vibration is at a maximum at the butt of the handle where energy is transferred to the hand and upper extremities. Some players experience discomfort from the vibration and prefer vibration dampening provided by end cap weight. The dampening provides a soft, plush feel and a wider "sweet spot".. Other players do not use end weights and would rather have instant discernible vibration feedback indicating an off-center hit. Contrary to popular opinion there is no increase in power with added handle weight.