I'm running full catless on mine. I have a Milltek resonated catback, Milltek resonated front pipe, Milltek overpipe, and Borla UEL header. No rasp or drone, it's fairly quiet when cruising on the highway but gets loud when you punch it - just the way I like it
I used an angled o2 sensor spacer from ebay, and after 1,600km (1,000 miles) no CEL so far.
Regarding the smell.. Without both cats, It does stink
I have a bunch of clips of my exhaust setup in this thread:
http://www.ft86club.com/forums/showthread.php?t=39901