Ran without one for 1.5 years, almost no difference except more pollution. No trouble with legality, honestly detectible only with emissions hardware. I recommend a bolt on straight pipe. When you try to resell (Buyer may live in an area that requires emissions), ability to pass emissions is critical and if it's bolt on you can just replace it. Catalytic converters are expensive.
..sigh.. ok :
QFT!
You're right, not a big difference, but many new cars run an o2 sensor, pre-cat / primary cat, o2 sensor, post-cat / secondary cat to modulate ECU controls on fuel delivery etc.
Catalytic converters contain only "honey-comb" shaped fiber that removes pollutants from exhaust, from my understanding it has no sound deadening /muffling capabilities and shouldn't affect how loud your exhaust is, as it didn't on my car.
Also the only way someone is going to prove you don't have a Cat is physical inspections accompanied with an exhaust test. There are symptoms, but can't be proven without what I mentioned - Plus I think running without a cat is the absolute bottom of the barrel of illegal pickin's when it comes to the municipal powers. (Read: They don't care!)