The part you refer to often gets removed and replaced as part of any cat back conversion. It's actually a 2 part function, resonator and balancer. Removal won't make much increase in noise but will give a different sound depending on the exhaust set up.
I removed mine such that cylinders 1,2 and 3 use one back box and 4,5 & 6 the other. A pleasing sound is created, but key to this was going quad.
However if you just pipe it back into the same rear box all you've done as TO/M says is removed an expensive and difficult to replace bit.