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I don't know about Magnaflow, but the Flowmasters have a tendency to develop a resonance at freeway speeds. (I don't know how to type the sound it makes, but I have heard it. Email me with contact info, and I'll contact you if you really want an impersonation) I've always used Borla mufflers, which are very mellow, yet strong, and don't resonate.
I agree with Freakazoid!. I have flowmasters on my '93 and around 65 to 70mph they start to resonate. I'm in the process of shopping around for different brand now!
I had the Gibson on my'94.. baffle broke loose after about 20k miles and rattled at first and then blocked the exhaust flow.. went to the Borla.. no probs
Gibsons are pretty mellow. Check out the link in my signature. The Gibsons in them are on a 96 351 bronco. Since you basically sit on top of the muffler in a bronco, I would shy away from Flowmaster. They are notorious for droning. I have heard good things about Magnaflow, but not on a bronco.
The Mustang crowd swears by MAC FlowPaths. Since the engines are similiar, I'd think they would be a good Bronco muffler also. The MACs have a deeper sound than Flowmasters, and don't have the highway resonance that FM's do. They're also supposed to flow better.
After pricing out the aftermarket I went ahead and fit an 18" straight pipe where that big ol' "can" was and it sounds pretty damn mellow. I've read the 302 with the dual converters doesn't really need a muffler that badly. It has a little rumble going up hills but actually the tires are noisier at highway speeds. I'm fitting a y-pipe to it and sending the exhaust out in front of the rear wheels soon.
I'd forgotten how much I like the "pop-pop-pop cherry bomb" sound when I lift off the gas. Like my old '74 Camaro. Maybe folks will notice the sound and not the rust!
Have you considered Dyno-Max race magnums? They too have a lifetime war. Not only do they flow better than a Flowmaster (I used to do product testing in a local lab) they sound better. I have em on my Bronco and I love em.