When I was upgrading my 03 Cobra, I had the same questions about the exhaust. I choose the X-pipe for little better performance.
I went with Bassani X-pipe and Borla Cat back, and it sounds awesome. Not too raspy either like I heard the X-pipe may sound. It actually sounds good, has a deep throaty sound.
I tried it without the removable cats at first, and it was loud in fact too loud for my preference sporting around town.
With the cats though it sounds awesome.