I believe it has perforated tubes.
I don't know what to tell you.
If it still sounds and runs okay, I'd be tempted to leave it alone.
You can try banging on the muffler with your fist. If you hear it rattle, it may be full of cat innards. Or the insides may be coming loose.
FWIW, when my stock muffler finally failed on my 3.4, the inner skin (or something) started rattling against the outer skin, and made a hell of a rattle. Sounded like an airplane.
As an absolute worst case, one of two things can happen. (At this point, I think both are unlikely.)
1. The muffler will clog up, which you'll notice immediately, due to reduced sound and power.
2. Any chunks of the catalyst may continue to heat, and may burn through the muffler. (Kind of like a little Fukushima.) I've never had this happen, but I heard about it on the internet, so I have to assume that it actually happened at one time.

When my cat broke up, the car got quiet and slow. I could rev it up, and blow little chunks of catalyst out of the tailpipe. But then, I had a straight through muffler at the time. The catalyst substrate mostly got caught in the converter itself.
[This message has been edited by Raydar (edited 01-09-2012).]