I just did this mod, as well as the 2 5/8" pipe to cover the drive shaft.
It isn't as loud as I thought it would be, which is a good thing. I didn't want it extremely loud, and it isn't.
I may need to change the angle of the eye bolts, as I get a slight whistle in there. It may be due to having to make a few slice cuts to the reducers though. None of the auto parts stores here had the 2"OD and 1 1/2" ID, they were all 2"ID and 1 1/2"ID, so I took my dremel and made a few cuts on the larger portion to remove some of the metal and make the diameter slightly smaller.
As you can see, I haven't removed the exhaust bracket yet, as I just finished this about 15 minutes ago, and went for a quick spin. I noticed if you get on the throttle it can be loud, but it seems to level of once you get to cruising speed, and really isn't loud to the point of irritating. Very happy with it, especially since the cost was under $30.
I was taking more pictures when my batteries died on me, so this is the only one I have for now, once the batteries get recharged, I can take a few more, as well as get a video clip of it with my camera.
Any hints about the whistle I'm hearing? I will raise the eye bolts a little, as right now they are only a bolt high inside the exhaust pipe, but I do have them at a 45% angle in there, not sure if I should move them closer to 90% or not.