Collective reply to all replies.

Yes, I think it looks bad and is not cool.
I have always appreciated that Volvo cars have a fairly clean underside with few things hanging down. Sagging exhaust on 240s is one exception.
The S90 has an exhaust chamber hidden in front of rear bumper, instead of the traditional oval muffler which hangs down on earlier models.
I always thought the other cars with exhaust parts visable from the rear were not clean looking. It was as if those parts were an afterthought.

The '98 S90 has the IRS and the flaps are attached to the "trailing arms" in front of the rear wheels. Probably have to leave the flaps alone because I would have to plug the hole with something to prevent salt entrance.

Thanks for the replies.

S'V', who would really like to find an OEM front air dam (spoiler) from a '95-98 model to complete the cool look, but not to the tune of $250 at the dealer.