Another vote for cut-out. It's great to have a quiet mode passing the cops but I like my loud exhaust most of the time.

 

Cut-outs give you the best of both worlds, but be advised, they (the govment) is starting to crack down on them. My cousin in NY failed emissions because he had a cut out, citing that when open the exhaust does not go through the cats.

I also heard a guy in the metro Atlanta area had to remove his when spotted during an inspection before they would pass him.

You may get away with it for a while, but I'm guessing as time goes on (and the possible passing of a federal emissions test which is supposedly in the works AND will closely adhere to California standards) this may give you a problem in the future.

For a "traditional" setup, tough to beat a Cherry Bomb for good flow performance and just plain LOUD...

 

This. The Glasspacks and the Extreme are the best sounding exhaust on the 5.7L IMO. But like every other exhaust thread everone thinks differently.