As much as I love the look, personally I would not be inclined to mess with such a basic piece of safety equipment for a car that is driven regularly in moderate traffic. Just my personal opinion. I'm not saying that it's fundamental, or even effective, in all situations, but my guess is that the average person or law enforcement officer might perceive it as such. And I certainly don't think it hurts safety to keep it affixed.
Another fear I would personally have, is god forbid, someone were to injure themselves on a hot exposed exhaust.
Again, the look is awesome, and I only post my thoughts as this is a discussion forum, and not meant as a critique on anyone's decision.