My exhaust pipe exits to the front and down.  I'm going to cut it and make it exit strait to the side.  The downward direction blows dust into a huge cloud.  The forward direction of the pipe catches on stray branches to the point I cary plyers to rebend it and pull branches out of it on a regular basis.  
Century 2535
By backhoe exhaust goes strait up.  I've never had a problem with fumes or catching on branches.  As far as obstructing the view, I don't even notice it.  The flaper valve wore out and I need to replace it, but that's only $10 at TS.  
New Holland/Ford 555E
Good Luck,
Eddie