Mufflers come in two basic types: glasspacks (though the packing may be metal fiber) and baffled (or 'turbo'). Glasspacks are generally louder--most of the self-described 'high flow' mufflers are glass/metal packed--and have a sharper 'bite.' My old Ansas were glasspacks, and they had small glasspack mufflers at the tip that smoothed the sharp snapping sound a bit. Pitch was a bit higher than the stock sound (a bit like a Ferrari sounds).
Mild steel has a mellower tone, stainless sounds a bit tinny at first but that abates somewhat over time.