Not sure if its a waste of money. But it is YOUR money so here is my .02 cents to assist in your decision. I have a Gibson Exhaust on my FJ. It sounds a tad bit louder than the TRD from what I hear. It is decently quiet in cab. It has a throaty sound to it. At WOT you can hear and feel it. I went with Gibson because of build quality and performance. Price for a new cat-back is between 280 - 350.00. I picked mine up used from a forum member with around 1K miles on it.
I have attached some pics so you can see what it looks like on an FJ.
Gibson Performance, Inc. - Exhaust Systems, Headers, Mufflers, Tips
Whatever combo you decide on, please let us know how it works out. I am planning on insatlling a CAI soon. Is that K&N Carb-Exempt?