I have no idea how noisy or fast this thing is. I haven't gotten to the point of trying to start it. Being a little 2 stroke I am sure it will sound like a yard string trimmer. There are a ton of aftermarket exhausts available, longer, shorter, expansion chambers, etc. Have to see how it sounds and runs before I decide to put any money into it. The guy I got it from said it would cruise at 30 mph which is plenty past on bicycle tires and brakes.
As far as legality, where I live anything under 50cc with pedals is considered a moped and exempt from licensing, etc. It is not allowed on highways or main roads but can be on the side of secondary roads. No lights, turn signals, etc required.