I have the Laredo and it is a great cover. Of course it can be cut. Just like a hard one could be pried or a window could be smashed. It keeps items out of view and reasonable secure. I am selling mine, but only because I am getting a camper top.
I took off the flapper resonator and tailpipe and replaced it with 3" out and a dual corsa clone. I love it now. I am using the gmpp muffler for the nnbs trucks.
Clamped the valve open and it sounds much better at idle. I am going to see if it changes anything at speed and if not then I will dump it at the axle.
Just so everyone knows, the GM Borla muffler is available on borla's site.
http://www.borla.com/products/muffler:_275_inout_775_x_part__19131346.html
less than 200 available.
Note, this is for the previous gen, but can be cut into stock exhaust