Depends entirely on what's inside it - if it's identical to your old one except it's larger, it will most likely be
louder, if maybe a slightly deeper tone...
Larger pipes reduce back pressure (not always a good thing w/2 strokes), they also let more of the noise escape. A high flow exhaust that's quiet is actually kinda tricky lol There's some with "S" baffles, but that doesn't look like one (they're usually oval/square)...
It looks like it's prolly a
glasspack, you may be able to pull the smaller diameter perforated tube outa the lil one and stick it in the bigger one with some additional sound deadening material - if the perforations in the baffle tube are small enough you can use typical fiberglass house insulation (paper backing peeled off ofc), but if they're bigish holes, you'll need to wrap it in a layer of (steel) window screen first, else the exhaust will blow all the fibers out.
Pack the fiberglass too tightly and it won't be as quiet as it could be, pack it too loose and it'll pile up at one end, leaving most of the chamber unpacked & loud... may take some experimentation, but pop rivets are easy to replace and a glasspack outa be repacked once a season w/a two smoker anyway as it tends to load up and not be as quiet nomo
Ya can also try some header & exhaust wrap like this:
http://www.amazon.com/High-Temperat...EG/ref=sr_1_10?ie=UTF8&qid=1311157907&sr=8-10 (dunno that vendor) which may help save ya from burns as well - but it does encourage corrosion so it's yer call *shrug*
