The flex pipe has a corrugated solid metal section on the inside, and mesh on the outside. One or the other can fail first, but if the solid corrugated section inside the mesh has gone, it will be loud regardless if the mesh is intact or not. The corrugated piece generally will crack/split where it flexes the most, along one of the ridges.
The mesh provides support to the flex joint, allowing only controlled movement. It also protects the thinner internal piece from mild impacts, etc. Once either component has failed its only a matter of time before it completely lets go and you have a very loud, separated exhaust. I'm not sure how the exhaust components are laid out on the V6, but the joints themselves can be purchased and welded in by a competent muffler shop if the whole section is too expensive to replace.