As far as looks go here are the differences
There was a guy on a nother G35 forum that did a compleat write up on the 2. basically he said performance wise the XO2 made more power it has bigger piping then the HKS. Quality wise the HKS was better.
I have the XO2 on my car and the DRONE is not that bad, unless you are in 6th gear below 2,000 RPM's
The main concern alot of people have with the XO2 exhaust is the tips start to turn Brown. Now there are replacement tips made out of titanium that you can pick up off of EBAY.
Another thing to keep in mind these are both TRUE dual Exhuasts there is no Y pipe.
All in all i am happy with my XO2 exhuast, and will be even happier when i get the new Ti tips. Just remember the XO2 is a little louder but that is also due to the bigger piping.