I hate loud mufflers on gutless cars. They sound terrible, but worse than that, they are exactly like a sweat-sock stuffed in a speedo.
Loud pipes on a powerful car can be irritating from a noise perspective, but not as irritating as the same level of noise on a car that does 0-60 in 10 seconds or more.
Hearing a Ferrari or similar machine under full throttle going ballistic is a glorious experience. I like the sound of a v8's low rumble as well. Mercedes has got their factory exhaust systems on their 6.3L AMG v8's dialed in beautifully, and they are not that loud, just the perfect tone.
Tone and sound quality are more important to me in appreciating the machine than high volume. High volume does not equal high performance. These days, especially with 4 cylinder asian cars (and cobalts etc.), high volume/resonance usually tells you that a gutless car is coming.
You just don't see f*rt cans on truly high performance vehicles.
Interestingly, a decent intake or cold air system can also enhance the perceived engine noise as well. Intake noise is a good chunk of the engine noise you hear. This can also be used to enhance the sound of the engine if you want it.