Just got the old one off, after about 45 minutes. Here is my write-up, using 1LoudLS's as a base:
Extras needed:
4 new bolts for the exhaust flanges (10MM 1,5 by 30MM length, anodized or exhaust specific) they are not included in the Magnaflow kit.
Tools:
3/8 or 1/2 15MM deep well socket, 10" extension and Universal adapter (swivel, if you don't have one, you'll need it).
PB Blaster or equivalent
Elbow grease
1. Coat all nuts/bolts with PB Blaster and let soak for 20 minutes.
2. Unplug all four O2 sensors (I unplugged them, then removed them after the cat was dropped)
3. Remove two nuts on left exhaust header/cat
4. Remove two nuts on right exhaust header/cat
5. Remove two nuts (one from each pipe) after the third cat (or that weird stamped section for some of you guys)
6. Drop the front of the Y piece to the ground, then using force (if necessary) pull it apart from the rest of the exhaust.
Notes, when going back in with the new cats, do it in three steps, first the H-pipe section, use some brake cleaner to lubricate the ends before sliding it in. Then do each cat one at a time, you have to position it just right and then slide it in place, but it makes it a lot easier than putting the whole assembly in at once.
Also, make sure you check the position of the cats before tightening up, make sure you have clearance between the cats and the bellhousing of the transmission and that you have space between the floorboard and the top of the cat.
I had a friend of mine at the Ford dealership diagnose mine with a PO420 (bank 1 below efficiency threshold) code, and he said my O2 sensors were fine, that my cat was the culprit. However, now that it's off, I'm looking inside and it seems to be OK, it's a little brownish looking, but it's not melted or anything. I'm going to go ahead and go back on with the Magnaflows, but if it does turn out to be just an O2 sensor, I'll have an OEM cat for sale (the one that came off didn't have a third cat, it was hollow) for a very reasonable price
. I'm going to swap the 2 rear O2 sensors while I'm at it just to see if the code comes back for the other bank.