Perhaps those lucky few who have now taken delivery could tell us if there are actual silencers fitted underneath the heat shields? It looks as if the exhaust pipe is of slightly larger diameter, but it certainly doesn't look big enough to be a silencer, yet the exhaust noise certainly seems to be [slightly] silenced.

If there isn't an actual silencer on each side, how is the exhaust noise moderated?

There is a silencer under each heat shield. The exhaust note to my mind is about spot on. It sounds like a british sixties big twin, loud but not obnoxious. I have a Harley with a Vance & Hines after market system and it's too loud.

Are the silencers just standard 'straight through' types using perforated tube with wadding wrapped around it?

I think so, but to be honest I havn't paid much attention to them.