if the code is P0420 (the actual OBD 2 code), that indicates that the converter is below efficiency threshold. what it means is that the front and back O2 sensors are basically reporting the same information, thus inferring that the converter is not converting anything.
the front O2 sensor is constantly changing as it's the engine's only indication of lambda in the exhaust, so the computer constantly changes injector pulse width to keep an 'average' stoichiometric mixture. it cycles between rich (great for lowering NOx) and lean (great for not burning up the catalytic converter).
the back O2 sensor should modulate between a very small band, not near the frequency nor amplitude of the front. if this back sensor starts to act like the front sensor, the converter is not working. you can try a new sensor (i did, but it did not fix it), but the sensors generally have their own CEL codes. the only true test is a smog test to find out if the converter is working (with some sort of machinery to quantify the constituents of the exhaust).
generally, putting a high flow (or 'test pipe') doesn't work as well as the OBD 2 converters, thus the converter is below threshold. it poses no risk to the actual operation of the vehicle, but if there are smog inspections in your area then that's a problem. well, if they actually do more than just plug a computer into it. if that's the case, it's easy to purchase ready-built 'O2 sensor modulators' or 'emulators' that will modify the output of the O2 sensor and send a voltage to the ECM that fools it into thinking everything works. that's what i did. i passed the OBD 2 smog test. with a bad converter.
the only true fix is to by a converter that is certified smog legal for OBD 2 (test pipes or high flows are generally not, or are 'not for use in california' or 'not for highway use').