wow i haven't been on the forums in a while lol! glad i saw this thread. I have heard both exhausts up close. First things first, i would like to say that BOTH exhausts are excellent choices in my opinion. I have the SLP LM 1 on my car, and to be honest i love it. The price is awesome, the quality is great, and it sounds so so nice. HOWEVER, i have also heard that they do get raspy when longtube's are put on the car.
Now for Borla, a good friend of mine has an 2000 Formula that is modded to death, and he's got the SLP longtubes, no cats, and the Borla with open plates. To be honest, when i first heard it i didn't really like the sound of it. I expeced much more out of it because of the "Borla" name on the exhaust. It is pretty quiet at low RPM's, but as soon as he revved it and when it hit a certain RPM it screamed like an Indy car. I fell in love with that sound. It is a totally different sound than the SLP's Loudmouth. If you like raw V8 loud exhaust, personally i would go with the Loudmouth, but if you like the refined exotic V8 exhaust note, strap on the Borla.
On a side note, if you do decide to go with the SLP loudmouth, but also want to put on Longtubes, you can always switch off the LM resonator and put on the Borla resonator. There are also a few other resonators out there made by different companies. Just check out ls1sounds.com that Sue suggested. I will attach a few links of video's of my car revving with the Loudmouth.
the rev
http://youtube.com/watch?v=_75vS7mKIagdriveby
http://youtube.com/watch?v=1Lh2J74KnlA&feature=related