I own an Exhaust shop, yes the cats now a days flow excellent. There is a smog shop just around the corner and I had them test it out the tail pipe and it passed. Even passed the visual. The computer tells the smog tech that the car has cats. Does not specify exactly how many cats to look for. The smog tech checked where the 02s where and there was 2 cats in before the 02s. So it passed visual in Kalifornia and tail pipe test.
No check engine light cause there is no 02 sensor behide the third cat.
Maybe a tinny bit of more sound out the back, but I cant really tell. I just like the fact that there is one less thing in the exhaust to restrict the flow. Not sure what the purpose for the cat is, but on a brand new rig with less then 1000 miles on it runs clean..