They are distinctly different and you absolutely can hear the difference. I have been to the drag strip many times since 2011 (when the 5.0 debuted) and you can hear the difference plain as day when two cars are near each other.
I will have to ask next time at a track event from a spectator. The car sounds different from the inside. A couple of my track buddies have GT350s.
Several strangers have come up to me since the swap to complement on the car's exhaust, and to find out what is under the bonnet.