Hey Huntrunner,
I just purchased and installed the Magnaflow catback system for my 04 4runner V8. The system is awesome and the sound is great. It has aggressive V8 sound of a Mustang GT when I accelerate. There is a definite drone at about 2000rpm and this does not really go away since the majority of time I am driving in the 1600 to 2100 rpm range. The construction is also perfect with it being stainless steel and it took about 1 hour to install by myself. I only have 6000 miles on my runner so the exhaust muffler bolts were not frozen or rusted. I just used I believe a 14mm and 15 mm socket and wrench.
Now, on a negative note. I removed the cat back system after 55 miles of use, why? you may ask. Because I did not like the attention and the sound of the exhaust note, constantly droneing out my interior. What I mean is that my 4 runner is modified as a 4x4 theme and not a street runner. I got a lot of looks because the sound is so great and I did not want to race anyone. Also, the drone is nice but since my rpm range is right at the drone, the sound annoyed me.
As far a performance, awesome! what else can I say. I gained about 13 HP and also my mileage went up about 1.5 mpg. My throttle response was superb. I could not believe the acceleration I got just by adding the cat back but I also have the TRD free flow air filter. Needless to say the cat back system is just sitting in my storage, boxed up. My idea of the perfect muffler for the 4runner is, the stock muffler with the magnaflow pipe and tip after the muffler section. So this is what i may do, chop off the pipe after the stock muffler and have a shop weld on the magnaflow part with the dual exhaust tip.
Clint