I just got a set of Hotchkiss sway bars (front and rear) from 7lautosport.com and experienced the famous clunking noise. The noise basically sounds like you have a loose bar somewhere in your trunk / hatch.
The guys at 7L were very helpful and helped me figure out what was going on. We inspected the rear sway bar and discovered that the rear passenger end link had become loose. At this point i thought, "No big deal just re tighten it". A week later the clunking came back. Again the nut had loosened up. So this time i drenched the bolt with locktite and re tightened the nut to 50 ft lbs instead of the factory 40. So far so good I have not had a problem since then.
As for just running the rear sway bar, I am running both bars, and I like this setup a lot. I do a GMR run every Sunday, and have been for the last 6 years. So I can say with some authority that the front sway bar does help. Installing just the rear bar makes the car want to over steer a lot. If you are doing time attack runs like I do this is no good, you end up loosing a lot of speed and time. This also makes the car much harder to drive at the limit. By having both bars this makes the car very neutral. While in a turn if you step on the gas it does under steer a bit, but when you let go it over steers a bit. This allows you to use the throttle to control the direction of the car. This setup does not make the car behave like a RWD car, but it does make it more manageable while in a corner.