I changed my downpipe and cat a couple of weeks ago, for after market items, due to the flexi joint giving out. Like you, I thought it was leaking from the sound of it, but could not find any blows from anything. I have got used to the sound of it now, and as long as it goes through the MOT, I will be happy.
I kept the originals, and will hopefully weld a new joint in.
Bet you are glad you kept it, get another one welded in 
My 2.2 is on its 3rd flexi 
Why did the 2.2 get a flexi hose? 
A transverse/ wrong wheel drive engine tips backwards & forwards in normal driving so it needs something to prevent the whole exhaust system whipping up and down.
The longitudinal engine in a rear wheel drive 2.2 Omega should be able to twist the (rubber mounted) exhaust without it coming to any harm (the V6s do). I wonder if anyone has tried replacing the flexi hose with a solid pipe?
There does appear to be considerable movement, so much so in that when FatherT's Flexi was done it was just a few mm longer. It caused the first bend in the exhaust, to come a tad closer to heat shield. Under engine load, say hill at low RPM where the engine labored, it would hit the heat shield and make nasty tapping sound. But fine under normal driving.
My original flexi lasted around 100k miles, second flexi lasted 60k, sourced from Camskill. This let go in spectacular style, over a speed bump at normal speed and BANG. Wondered what the fluck had happened, then noticed it blew big style.
Cheapo eBay one welded in this time, another 60k maybe? Would take the car to 220k miles. Could well be its last

On the upside, I remember struggling to take exhaust manifold off first time around, just starting car DIY work. Easily whipped it off this time, just need to learn to weld, oh and get a plasma cutter
