OK guys, do a search on the High Strung Motorsports "exhaust" - you can have video and audio of a straight pipe axle-back (or you can ask me about it, I have one...) HSM no longer makes these (long story) but your assumptions are correct.
The straight pipe axle-back is a decent addition, basically it's a sound-only upgrade with very minimal difference in power or responsiveness. It sounds like a big Healey or MG (not "Harley", but "Healey"). You can hear pops on downshifts and decel, and it's a ton of fun. Doesn't sound ricey, but deep and mellow (not raspy like a Honda exhaust or boomy like the SRT4). It's actually louder IN the car than out, and even inside it's not bad at all. I like it in the parking structure at work, yummy sounds...
The HSM exhaust was a matching-diameter, steel pipe, appropriately bent, with a welded-on chrome tip and hangers where they should be. I'm going to have my mechanic fab something in ss mandrel-bent with a different tip, but the same idea, 'b/c I think the one I have will rust out (it's not ss. I put the RacingBeat ss muffler on for winter).
Don't run w/o a muffler, though - the exhaust comes out a little too close to the fuel tank for my comfort!