I tried a Magnaflow on my 5.0 and hated it. I ran them on my '97 Cobra and didn't much care for them there, either. Lots of drone on both, and they didn't sound that great on either application.
I've got a current thread regarding Flowmaster drone. Spoke with a tech rep from Flowmaster at the local GoodGuys show yesterday, and he said I should switch from my Delta Flow 50 series to the SUV 50 series; the bigger case is supposed to make it a lot quieter on the inside, and a little quiter outside. Don't know if I want to cough up the bucks to see if it really makes a difference.
I've never heard a Borla I didn't like, though I've never heard one on the 4.0 SOHC. They're pricey. I still think my favorite, for noise and cost, is the turbo muffler. It doesn't matter if it's GM, Dynomax, or generic muffler shop brand. They sound good, they make good power on a stock motor, and they're relatively inexpensive.