There is a flexible mesh like joint section on the 5 speeder after the cat and before the main joint for the baffles. I took my exhaust off last night to play around with it ( like you do ) , as was surprised how flexible this joint is. I am sure it would absorb the majority of vibrations coming back from the engine. I wonder if this is intended to do what the slip joint you mention does. I am lucky enough not to have had an exhaust break on me yet so dont know where these breakages typically happen ?. Any movement aft of this flex joint would largely be from the body I think.
