Hay guys, thanks for the confirmation around the CAT - bmroxm5 sorry I think I have confussed you furhter LOL! - The pic I put up is from US E91 - I mainly wanted to point out that the orginal exhaust looks very similar to mine but minus the two cats at the front.
John01 thanks for confirming that the CAT is part of the exhaust header.
bmroxm5 - the car that I have is a 06/06 E90 325i MSports (N52)- The exhaust on my car is similar to the US version with the resonator and CATS right up where the exhaust header is
You are right in that the exhaust shop can easily do a resonator delete. In melbourne I would estimate they would charge me around $100- to $150 bucks.
I have confirmed that the US spec (..81) BMW PE exhaust comes with the muffler and midpipe included. I have found US Seller that can sell me this for $1100 US + Shipping.
To buy the EU Spec PE exhaust (81) comes without the midpipe would cost me $1050 dollars delivered to AUS + estimated resonator delete $150 = Total $1200 AUD
If I could get the US spec delivered to AUS for around the similar price it would be worth while as there is no custom work involved and if I sold the car I could simply put back the orginal OEM exhaust.
That is my thinking anyways.
At this point in time I think best value for money is the US PE exhaust. But that might all change depending on freight.