Square tip. The sound alone is worth it. My wife disagrees. The radio works as a fine cover. Ordered from Performance Automotive — because once you hear it on Brad Otoupalik's E39, you're done.
I ordered a SuperSprint exhaust from Performance Automotive. They have a choice between round and square. Since I had seen the square on Brad Otoupalik's E39, I was hooked. You can also see and hear it on his business webpage: Evosport.com.

The kit before mounting and a comparison of the old and new exhaust systems. The weight difference is huge, but the most important thing to me was the look and the sound. And boy, does it sound GOOD.

The center resonator removed and the 3" pipe to the cats. All you have to do is order two 45 degree 3" mandrel bends and any muffler shop can mount the pipe for you.

Measuring to make sure the bend will fit well. The bend is really simple, and I was overcharged for the work. I suspect the price had a lot more to do with the car than with the work itself.

Is it level? A little obsessive compulsion is a good thing. Too much, and you'll put a level on your exhaust. The funniest comment so far was from a colleague who asked, "Now, was the GROUND level?" I about died.

I love the sound, especially at full throttle. It's been a while since I drove an E39 without the SuperSprint, but I remember thinking it was smoother getting to the upper RPMs. There was a little bog on the way up before; now it just silks right on up there.
"My wife wanted the radio on so she could not hear the drone of (my) car."