The Pacesetter on my 96' OHV isnt all that loud untill i get up in higher RPMs, but then it still isnt bad. And the only rasp i get is when its cold, but after it warms up it sounds fine. And yes it does rust just like the stock exhaust. The exhaust isnt bad for the price, but the only issue i had was with installing it. They didnt weld the "stop washer" on in the correct spot on the hanger located over the axle.
their are ebay stainless steel catbacks with 2.5" piping. just replace the muffler and put in a resonator . still cheaper than teh borla system or just go to the local per shop and have them do one for 400.
Dude, go to www.customtubesinc.com and get thier aluminized steel 2.5" exhaust I got it for $185 shipped, looks awesome then just but a muffler of your choice ~$50 -$75 and call it a day, CTI is great to deal with and the system looks really nice.