I have recently put a decat pipe (£100 ebay job) onto my 180 LC. I have a Milltek Cat back 2.5'' system too
In terms of performance I have noticed a gain. It is far more free flowing especially higher up the revs with far less back pressure.
The noise is louder than standard. Yours may not be as bad if you are keeping the standard exhaust. I have a non resonated system. You get a nice burble on tick over and low revs. You do get extra vibration and a low hum in lower revs but enerally under 3500 rpm you won't notice too much until you put your foot down then it can be quite loud. It still doesn't sound as horrific as those chavvy Fiesta Zetec S or Saxo VTR's though which is good.
I have put my first lambda sensor in and left the second one tied up in the small black box and I have NOT had my EM light come on and the running of the car is good.
I really don't like too much noise and it may be a little much for me but it isn't to obad and you can safely drive into your street without anyone moaning or noticing you