This was in response to the "What car are you considering fixing up?" thread, but I thought it's enough of a tangent that I ought to spin off this discussion into its own thread.
There are so many types of performance mufflers on the market, it staggers the imagination. Trying to pick which one can be pretty confusing. Some things I can't help you with. Trying to evaluate how a muffler will sound is pretty tricky. The rest of the engine has a huge effect on the exhaust tone, so a muffler that produces a deep rumble on a V8 may yeild a harsh, obnoxious buzz on a naturally aspirated inline four and make a turbochargered inline six sound like a jet engine. The best you can do is guess based on how other cars you've personally heard with similar engines sound with different mufflers.
Likewise, trying to evaluate how well a chambered muffler will perform by looking at it is virtually impossible. The best thing to do here is go by dyno reports about engines similar to yours, if you can find them. Sometimes you can get flow data and go with David Vizard's rule of thumb that a muffler should flow 2.2 CFM for every horsepower you'd expect to make without the muffler (Using two mufflers in a dual setup, naturally, doubles the CFM).
Luckily, straight through mufflers are both common and pretty easy to evaluate. The first thing to do is look through it. You want a tube that is the same diameter as the inlet and outlet, all the way through. One "performance" muffler made by a company that shall remain nameless actually had the pipe inside neck down to less than an inch in diameter. The store clerk pointed out that its carbon fiber construction made it lightweight... big deal if you've got to run four mufflers if your engine makes decent power. And big expense. Also, for best performance the muffler should not have objects sticking out into the tube - just holes letting the gas expand into the packing. Of course, this will also be pretty loud - just listen to a car with a Thrush Magnum Glasspack! The Thrush is a prime example of a straight through muffler with very little restriction.
The other thing to consider is durability. A cheap muffler (again, the Thrush comes to mind) will be made of steel with some sort of coating on it and packed with fiberglass. Both will deteriorate over time. Some glasspacks have been known to lose all their packing within a year. Stainless steel cases can hold up better, and packing a muffler with stainless steel wool or high tempterature ceramic means longer life for the packing.
As for the tip design, very few of the tips on the market look like they will improve flow, and even the few that might (long conical designs) probably will have no measurable effect on performance. A handful of exhaust tips (some of the "Chevy Bow Tie" ones are perhaps the worst offenders) actually create exhaust restriction. Not what you want, usually.