A race or sport cat is usually a larger diameter, and thus flows more. Because it flows more, it probably muffles the sound less than a regular restrictive cat.
The catalytic converters that most parts stores carry are 2.25" max on the inlet/outlet, and expand up to 2.75" in the middle for the honeycomb.
A sport or race cat will have a 3" inlet/outlet or larger, and expand to me much wider in the center section.
The honeycomb of the cat does take up volume, and as such, restricts airflow. By making the honeycomb section larger, the increased volume of space counters the restriction that the volume of the honeycomb makes. So actual volumetric space for air to exist in a sport/race cat is more than in a regular cat... thus allowing it to flow more.
Any way you go with a cat, the cat will do some minor restriction on the flow, and quiet down the exhaust. If you want a louder ehaust, just remove the center muffler/resonator.