Two seperate sections of exhaust pipe, a muffler, and two chrome-plated tips. The arrow represents where the two sections of pipe connect. There should also be five exhaust pipe clamps. This picture compares the two systems. Also note that the Monza system is slightly heavier than it's stock counterpart.
Installation is fairly straightforward.
First, you must remove the old components. Remove the factory muffler using a 15mm wrench and by taking the rubber hangers off their mounts. A large hammer can be used to get it off of the factory exhaust pipe. Now, remove the 15mm connection at the catalytic converter, remove the other hanger halfway back on the long exhaust pipe, and pull it out from under the car. Watch you're eyes for falling rust.