Wow, mine used to look just like that..
I've had Triumph's Off-Road (TOR) exhaust and I really like them. However, I run Jardines now and even though I recently griped about an exhaust leak, the Jardines really make the Rocket sound like a big 140 cubic inch motor should. Some people on here think they are too loud, but just ride down to your local bike night and you will realize that the Jardines are just average in the noise department..
If money is an issue, D&D makes a slip on muffler that alot of people have been happy with.
I run a PC-III also that has been great, but I wish if I were to start all over, I would just go ahead and get TuneBoy. The PC-III is great, but the TuneBoy gives you access to so much more, such as diagnostics, the ability to adjust your TPS settings, etc.
I am coming up on 50,000 miles on my Rocket and have not had any major mechanical issues. The TPS has been my biggest pain in the rear, but I don't think alot of people have a problem with it, just my luck lately. Let's see.. I also had to tighten my head stock bearings some time ago. I just removed the entire front end, re-greased the bearings, and put it all back together.. haven't had a problem since. I've also replaced the tail light bulb once. That's about it other than normal maintenance.