Its just a slip on, and it sounds great. Smooth and deep. It's louder than my 05 zzr600 with an akra. I got it from starcycle.com for 450 shipped, I beleive the listed price on the site is higher, but I had them match the imotorcyclestore.com price. Beware of the ones on ebay, most of them do not include the FI light fix for some reason. I asked all of the ebay sellers that were selling it at that time and they all didn't include the FI light fix.
When I first was shopping for my exhaust I was all set getting a small oval pipe (akra, muzzy), but after looking at all of them, I think the Leo looks the best.