Just replaced my filter, deleted the charcoal, and did this mod.
The most painful part was getting everything to line up. Nothing lines up perfectly, but just be persistent and it will work out.
I'm not noticing any noise changes right now, but I haven't ran my car in two months, so I didn't have much to go off of.
2006 325i: Matte Black Grills, AG m310 19's (19X8.5et35 & 19X9.5et33 - 235/35/19 & 265/30/19), Amber Covers, Magnaflow with black tips, Blacked Emblems, M3 Replica Bumper and Vorsteiner hood!