I had a magnaflow muffler on my MX6 and it sounded great, tons of complements and no drone. Another C6 owner swapped his stock cans for magnaflow cans and they also sound great. I have yet to hear a magnaflow system that doesn't sound good. When I think of those awful sounding trucks, I think of Flowmaster.
$275 is a decent price. When I was planning on getting Pope's dp, I got a quote for doing the DP back in 3" using a high flow cat, maganflow cat and muffler in a stock config, and he said it would run about $700. I told the guy I wanted it as quiet as we could get it, and he said that would be as quiet as a 3" exhaust could be.
3" is clearly overkill for the MSP since most flow calculators don't have it causing any restriction until 450hp, but there is nothing wrong with a little overkill.
A 2.5" I think would be about perfect, and I was close to pulling the trigger on the reproduction Corksport DP, but I just couldn't justify the $1100 the whole thing would cost me on a very old car that has other more important shortcomings to solve first.
I was told by a number of people that the primary restriction in our exhaust was our double catted mid pipe, so I bought a catted SLS instead, which was a huge mistake. It did absolutely nothing and since I was unsuccessful in finding the two piece Corksport, I just ended up selling it at a significant loss even though it was on the car for just a few miles.
From that experience, or even just by looking at the pipes, I am fairly certain there is nothing to be gained unless you start a the downpipe and work your way back. The S and J pipe diameter are alarmingly small when you have them off the car, well under 2". Putting anything larger beyond that without addressing that first seems like a waste.