PSE info
 

Anyone have photos of a PSE exhaust (2nd generation) for the 2003-2004 986's? I've looked and can't find photos of it.

Go on Renntech.org and do a search for it in their 986 forum. There are pictures there. It has hidden bypass pipes instead of the large Sebring style external pipes on the older version. Porsche had to change the design in 03 because the large pipes in the old version wouldn't fit under the 03 revised rear bumper with its diffusers.

The 03-04 PSE also sounded more aggressive than the older version.

It looks pretty much like the stock exhaust with the exception of the bypass pipes which are hidden. Unless you are underneath the car you can't tell the difference.