Im still running a 3", and dont mind it. Im not running the cat or muffler, though.
I have a 4" for it, just awaiting time to get it on. Ive been running the 3" with the walker now for 3 years though, and dont mind it at all. lowered EGT's somewhat, sounds a little better, and has absolutley no drone.
If you dont have a lot done to it, and money is tight just stick with the 3" and straight pipe it. If you want the sound and the looks, with better flow, go ahead and spring for the 4".
At lower power levels (<350hp), it really comes down to a matter of preference more than necessity.
--Jeff