Hey Pete - you finally swapped in the SHMs, eh? How do you like them?
My Y-pipe has a few of those spots on it, but nothing as bad as yours, Pete. Certainly not as bad as Evan's...I got mine in Nov. of '01, and I'm pretty sure it's the new coating. If it isn't, and it starts lookin' crappy, I'll just take it off and remove the coating. I'll replace it w/ 1300 F engine paint. I don't think it'll be necessary, though. (Damn, for $600 it SHOULDN'T!!)
