Just recently installed an AWE Tuning catback sport exhaust on my '06 987 Boxtser S with the help of a local Porsche Technician. The exhaust sounds great, tucks up nicely under the car, and weighs significantly less than the stock exhaust. Unlike some other sport exhausts, the AWE mounts up to the stock location and bar support without any straps or non OE hangers.
It is supposed to gain approximately 11 hp and 9 ft/lbs of torque (on a Cayman S) according to AWE and corraborated by independent testing on Cayman Club.net. Seat of the pants feels like it is a little quicker and with more torque and a new roar. I definitely purchased the exhaust for sound more than power but I am a happy on both fronts.
My technician works at the dealership and said I would have no problems with warranty or emissions with a catback only. You may want to inquire at your own dealership about your situation.
Here is a link to the exhaust:
http://www.awe-tuning.com/pages/shared/part_detail.cfm?PMaI=2&PMoI=40&PEI=28&PP=cayman_exhaust.cfm&PPT=Exhaust&IL=caymansmuffler