I had a straight rear pipe on my 240 for its last 50k miles or so, and other then a little pit of a drone it ran fine. No noticable power change good or bad.

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82 Rabbit diesel (first d), 84 Jetta turbo d (300k when sold), 83 240d (305k when sold), 84 F250 6.9d w/Banks turbo(parts truck), 86 F250 6 cyl.gasser(waiting for 6.9d), 84 300d ( 347k Sold 8/04), Y2k New Bettle TDI (185k miles), 95 740IL (wifes), 87 300TD (206k Sold 7/05), 05 Passat TDI Wagon