Currently: decat DP, OE N54 midpipe, MadDad Whisper axleback. Been through a few configurations and the one has a nice deep note, howls at WOT without any drone, and turns plenty of heads without being too obnoxious. Keep in mind this is a 135i where exhaust is a veritable pain in the ass. Can't imagine trying to find a solution for a Z4.
Gonna change a bit soon though. In the process of putting together a custom diffuser to accept a modified axleback section, and will be rethinking the midpipe section once I ditch the twins. Can't decide on whether to do twin 2.5" mids with an X pipe, or a single 3-3.5" mid all the way back to the axleback.
@fmorelli what brand high flow cats did you use in the midpipe on your exhaust build? What was the cell count?