First, if you expect high HP numbers, you will be disappointed. E46 with M54 engines have already pretty much free-flow exhaust systems. What you will gain, however, is weight savings, sound, looks and a slight power curve shift.
UUC TSE II is a good system. It's a bit loud, but aggressive. Quality is great.
RD Sport makes a great exhaust, not too loud, with aggressive 90mm twin tips. Quality is also insane.
Eisenmann (Sport and Race) and Super Sprint are two other choices from the top brands.