Tons of responses and a few who have actually done it. Count me surprised.
I will give you a full rundown of my opinions on the straight pipe argument.
For clarification sake, I don't have a "dump pipe" and I think if you are not going to run a turbo, there are easier and cheaper ways to accomplish this. I have stock headers, stock midpipe and from there I have straight pipe.
To help you understand the motivation behind why I did this, take a look at these...
I had those bad boys on my cruiser and they were everything that a Harley wanted to be and more, because I had them on a VTX. I did it more because I liked the look, but after a while I became accustomed to the loud pipe sound, and started to enjoy it.
So the first consideration you need to take in is your preference and tolerance for loud. I will tell you, if you hear someone say "they won't be loud!" they are either ignorant to the situation or deaf. The setup you are looking at boarders obscene in the loud category at standard cruising speeds, and pushes painful at the top end.
When I first put them on, I had no backpressure, just straight pieces of metal slapped on to the mid-pipe and honestly my performance suffered greatly for it. Unfortunately for me, backpressure is actually a requirement for that solid snap that we all want and love. Basically, the way to explain it, is that (in comparison to a proper setup) it felt soggy. Still fast as hell, but soggy. I never dyno'd it like this, since I wanted to ride it and I didn't have a PCIII so there was no reason.
In the second iteration of the life of my straight pipes, we decided that backpressure was not only essential, but that it would be fun to see how we could make it. So we got in touch with a friend who had an average amount of welding skill (meaning he could at least weld an ugly line) and we tacked a baffle into the pipes. In addition I switched them from chromed silver to a glossy black.
The second iteration was another animal completely. Of course I added a TRE, a PCIII, a new airbox, and a slew of other crap to the bike, including the basics, like oil and a good chain tightening. Now this bastard has some snap to it again. But it's still boarderline obscene in the sound levels.
My friend said the best way to quantify it when I passed him at speed was an Indy Car, if you have ever seen them live then you will understand, it's a floor shaking, deafening, sound. Personally to me, it's normal from my past history with my last bike, and I ride with cruisers so it's exactly what I was looking for in my pipes.
On to the important stuff. Yeah, it doesn't like the cold a lot more now, and it's a little tricky in that it likes to die at idle, so I have to manipulate the idle switch and keep it above about 750, anything over a K and I am good, but it's going to require some tweaking of the idle so that it revs at about a thousand. So that falls into the "less than favorable" category.
Another strange thing that it will do to you? It will slow you down. Not in the "hp/torque" way (although I am sure my dyno numbers will be down when that time comes). But in the mental sense. It's tough to explain unless you have ridden it, but my pitch tolerance falls around 4500 at cruise. The sound for some reason becomes a quantification of the speed, and at 10k+ the bike is screaming so loud that you feel like you are in a shell of sound. It's tough to explain it past that, but I rarely see the top ends of the bike because of it. But then again, I was never really a racer in the first place, so it's relative I guess.
Vibration is another thing to note. It's not smooth as glass anymore, it has a nice vibration that I like (and my girlfriend REALLY likes).
So, keep in mind that I did a lot of personal things, that some of the other pipes (Brock and Boz, although the Boz is much more of the style I think you are wanting) are already premade and you can just pay and play. Mine required about a full day of work (16 man hours, 8 real hours) and cost me about $20 total. Granted I got the welding stock for free, but that is easy to get for cheap as well.
I am sure there are better versions out there (I have seen a few well done internal baffles).
But one more reiteration, if you don't like Ted Nugent in the 70's rock star loud. This is not the route you want to go.