I had a Banks Monster 4" Cat back system installed on my 04. 5. I posted the answer to this question a while back somewhere.
I looked at just replacing the stock restrictive muffler. There was piping needed, cutting, welding, bracket issues with doing this. Probably could have had it done for well under $200 if I collected all the necessary materials and went to shop with necessary tools(muffler shop or big rig garage).
My Banks system with the pretty 5" tip was about $485 drive out, at performance shop down the street. Took about 1 1/2 hours. It is high quality stainless, uses all factory brackets, and does have a life time warranty(for what thats worth). For me it was partly a matter of convience and time. And of course the vanity of a good exhaust system that looks and performs better that factory intallation.
I am satisfied with the Banks system. Not too loud, no drone at all and did help drop EGTs 50-75* across the board.