If I'm allowed to mention Naviga, I've used the silencing system below in my tuned pipes since about 1985.
silencer
Its not rocket science and it does not lose any performance on a matched tuned pipe. The extended stinger with a plug in it and holes either side of the plug is another common, simple silencing method that can be made to work but the exhaust outlet noise is only a small part of the noise problem and I can't emphasise that enough. Some of the fastest boats in Naviga are also the some of the quietest because the guys who are good at making a boat perform will also apply effort to reducing the noise level of their boats.
In Naviga I run monos only but the principles remain the same for all boats. Engine noise, radiated pipe noise and induction roar are all factors that need to be addressed. Pipes should be enclosed wherever possible, and engines should be
completely cowled. 90's and gas boats in particular have a lot of induction noise and on my own boats I have a thin layer of sound deadening material inside the sides of the hull and the cowl and soon I will also use an airbox on the gasboats because they are still a problem as rpm gets higher.
I see the comments that in Naviga we are using low nitro and the boats are not so fast. Thats not the reality. High rpms are a major noise factor and high rpms are the norm in Naviga with 3.5's running ca 35,000, 45's 29 to 30,000 and .90's 23,000 plus and gas engines 19,000 plus.