Well acoustics is not an issue (learnt to live with it). Check engine light and bad fuel mileage is the real issue here.
Car was dead slow on pick, so went ahead with the removal after doing all logical stuff (plugs, tuneup, sensors checked, injectors cleaned). Turned out that it wasnt cat, it was the EGR valve clogged. Since that has been addressed, the check engine light does not let me sleep :). I feel responsible for this crap if you know what i mean.