Louis pretty much nailed it, but I'll add that I would stay away from the 5 inch exhaust unless you are planning on doing some serious horsepower upgrades. Some of the guys with the 5 inch exhaust have said that it has a drone to it that can annoying, even with the muffler. I've never heard one, so I can't say from personal experience.
I put a straight pipe on mine several months ago. I was a little worried about the drone, so I kept my stock muffler just in case. There is a drone at certain RPM's, when under a load, but it isn't very loud. I can still hear the radio just fine without turning the volume up, and I can still carry on a conversation without having to speak up. The drone is worst at 48 mph when the T/C locks up. It's nearly gone by 55, and at 65 mph regardless of load, it's no louder than stock. Go figure...