Just replacing the silencer portion with re-jetting is a good mod for a stock engine. If your engine has bore/stroke/valve/cam mods, that's when you want to go with a complete exaust. More air in and out needs bigger tubing to blow through.
Re-jetting alone will actually make a noticable difference. The bikes are set up lean from the factory to pass emmissions requirements.
Different full exausts have different head pipes. Larger, tapered, and the FMF "powerbomb" head pipes are all available. Most riders wouldn't be able to tell the diferences in the power delivery between head pipes though.
Unless you have big motor mods, I would pull the baffle and re-jet if it was my bike. The minute power gains from a slip on aren't worth the money in my opinion.