The new Tundra's factory exhaust system is pretty darn good. It features a unique 4-2-1 exhaust manifold, or four exhaust tubes (one from each cylinder) into a "y" junction, and then into one pipe. This manifold is made from stainless steel, so it's lighter than average and also corrosion resistant. Each of the exhaust tubes are also of equal lengths. All these features make the factory manifolds equivalent to expensive aftermarket headers. Changing them won't get you more power and is uncessary.
Next we have the catalytic converters. These legally required emissions control devices are often accused of restricting a vehicle's exhaust, but in the new Tundra that's not the case. They are efficient and they benefit the environment, so they're definitely off limits.
Once the exhaust gases leave the catalytic converters they cool off and enter the muffler. The factory muffler is efficient, but I don't think it let's the voice of the motor come out. The factory muffler was chosen to be efficient and quite, and changing it won't increase the power of the engine much, if at all. However, it will give you the V8 rumble that everyone loves. Fortunately, there are a lot of available aftermarket mufflers available. Choosing one only requires answering a few questions.
First, do you want to hear the exhaust ALL the time? In other words, when you drive down the highway, is a little exhaust drone OK? If not, make sure you choose a muffler that's not described as being loud. If you ask your local muffler shop or visit websites like www.tundraheadquarters.com or www.tundrasolutions.com you can find a good muffler.
Second, in terms of noise, how much can you stand. If it's too loud, your neighbors will be awake when you start your truck. If it's too quite, you won't be able to hear your exhaust unless under hard acceleration. Most mufflers aren't too loud, but to make sure you avoid the loud mufflers, stay away from descriptions that mention "racing only" or "glasspack".
You also need to decide if you want a single or dual exhaust? In terms of performance, you usually see the best increase by copying the factory system but upgrading the components. On the Tundra, that would be a single exhaust. But since you're not going to see much of a performance difference either way, dual exhausts do look and sound better, and that would be my suggestion.
Last, what is the best material for your muffler? While stainless steel is lightweight and resistant to rust, a lot of people that live in dry climates don't need it. Standard galvanized or aluminized steel is fine. However, if your climate is wet or near saltwater stainless steel is an excellent choice.