2005 XLT looking for exhaust upgrade

[Goodbar2005]

Hello, I'm new to the forums, hope this is the right place to post.

I just purchased a 2005 XLT. I want to get a new exhaust, and I was looking at videos.
I'm not a car guy by any means. I saw lots of Explorers with Flowmaster 40's. Is there any other recommendations for exhaust?

If i was to purchase one, what would I need to know? I read about in/out is that the width of the pipe?
Are exhaust tips required after install? What is their benefit?

Thank you.

 

[TechGuru]

I've heard of some people going with a Walker SoundFX http://www.rockauto.com/en/moreinfo.php?pk=2138678 Only $50.