Hi Looneyberg,
My FE 550 '05 model was set up from the shop with the tea strainer (spark arresor mesh) removed, this normally sits right in the end of the eahauste end cap, and is removed by grinding away a few welds, also my bike came with the 'S' bend pipe removed, the s bend pipe is a short curved tube from the end cap end, that does not sleeve into the perforated exhaust core, it sits within the chamber that you mention, usually its bolted, but may be riveted a little over half way to the end of the silencer.
The s bend tube within that end chamber forms an area that the exhaust must bounce from the end of the can back to the middle to then funnel out the end cap, in Australia, it seems that many of the dealers will remove them ror predominantly off road use, I'd suggest litle change it noise level, but must breathe easier.
I have ( I think ) attached the schematil from the current design silencer, you can see the bent section of pipe attached to the end cap, this is what I suspect has been removed.
Hope it helps, there are some pics of an aftermarket exhaust cap in my gallery awilksch you may be able to draw some conclusions from that as well.
Azza.