It is probalbly fine. The PC sounds very different from the other mid pipes, especially the stock h. The sound you hear sound be the exhaust gases in the chamber. It should sound like a wooshing sound at medium to WOT. That should be the only time you here it. If you here it while idling you have an exhaust leak.
The PC will smell for 2 reasons. At first the coating on the pipes needs to bake, and it should have a pretty bad smell to it. It will smell pretty bad for a week or two. The best thing to do is really rip on you car a lot to get the exhaust really nice and hot. The hotter the better, and the faster it will cure.
The other reason it smells is that you do not have cats any more. You will notice a strong exhaust smell compared to stock. Reminds me of a snowmobile or motorcylce engine's exhaust. I kind of like it.