I believe its just as simple as unbolting the header from the begining of the exhaust tubing.
Dont know exact pros/cons but heres mine :p
Con: Loud, Wont pass emissions, get pulled over for noise pollution.
'04 Roush F150 ( totalled while parked
'89 Gt Hatchback H/C/I, 1.6 rockers, 75mm maf, 24lb, 70mm tb, cai, udp, full exhaust, msd ignition, 373s, Eibach Springs, Lakewood 50/50 rears, Adj Rear Control arms, A/C Delete, Smog Delete, EGR Delete,