ok so your seeing a resanator and/or a muffler and/or a cat,
it is very common to cut the cat off but it is a fedral offence, but places ( like Michigan) dont do tests so if yoru state dosent test go ahead. ( might void yoru warrenty though) if u cut the cat you will get a SES light
now for the resanator and/or the muffler it would make the car sound a little more throaty. do you have a 4 or 6 cyl? no matter what you arent going to get that V8 rumble. and performance wise it will probly net 1-3 Hp not very much (figure a $50 charge at an exaust shop) . gm tends to overbuild their exaust systems they tend to flow pretty well