Mikael,
My car only has the larger muffler at the tail pipes. My exhausts were fabricated by Wilkinsons when they restored the car, so while they look factory-original and were built using original parts, they lack that first muffler. I have a factory Longchamp Parts book and all exhaust diagrams in my copy include both mufflers, so deleting it does not appear to be a factory option.
The sound is definitely on the loud side. I would say it it noticeably louder (outside) than my stock ’71 Pantera. No complaints from me about that though. One thing I can say is that it definitely turns heads and people realize the car is something special. Under full acceleration it really has quite a good bark to it. The car is not as quiet a cruiser as one might want, but that's a fair compromise.
The audio quality of this is really bad, and there was a heavy wind but you can get a sense of what my car sounds like from this video:
https://www.youtube.com/watch?v=ENebBRp3aFkMark