I did the Borla muffler and then the 2nd Cat bypass. It was pretty loud with the Borla muffler and even louder with then 2nd cat bypass. Definitely added punch especially at higher rpm's. I just dynoed the car and yelled 247.6rwhp with a few other mods (no chip yet) . You can check out my dyno here
http://986forum.com/forums/showthread.php?p=45989#post45989
Have to do emissions test in the next few weeks to renew my insurance. I'm crossing my fingers.
I think eliminating the 2nd cats is a good way to get better sound and add some hp at the same time without spending a lot of $. Takes under 1 hour to install too.