Hi Doc.
Congrats on the new SERG!

After talking with Steve Cole at fullsac and reading here, I installed the fullsacs and drilled the cat and rode for a couple of weeks before installing a Heavy Breather and SERT. No problem. As Steve told me, the O2 sensors in closed loop mode will compensate. Ride easy though. To see what guys have done to their SERG's with their results, you might want to read here:
http://www.cvoharley.com/smf/index.php?topic=27693.0 Removing the cat is illegal, of course. But to void a warranty, your modification must be the cause of the problem with the bike. So, to say removal voids the warranty is too broad. If you were to run the bike with out cat and other mods which caused the bike to run even leaner and the engine was thus damaged from excess heat, that would allow the MoCo to say the damage was not covered by warranty. Enjoy the bike!
GK