Yes.. it is both slightly louder and LOUDER. Appearing slightly louder at speed to the occupants of the Morgan which is where it matters. But below 20mph it does a good impression of a taxiing light aircraft which will activate perimeter car alarms on acceleration.
I bought a dedicated sound meter to see just how loud it actually is. Surprisingly, the Stage 1 is half as loud as an unmodified miniature dachshund.
Nice M3W, you almost have a twin a cross the pond. My M3W in the same color combo. Well, except for I do have a red racing stripe down the center. Mine is also a wee bit louder and a deeper tone to it, as I have removed the cats and have the stage ll cams.