I have a Austin Racing exhaust on mine, and no heat shield installed, I also don't have the black engine covers that came on the MY13 and onwards. My comment regarding heat is that it is noticable warm on the inside of your thighs, but not burning hot. I think it pretty much precludes wearing jeans/shorts and thin clothing, but leathers and textile trousers are comfortable. When you get into stop and go city traffic / rush hour - it can become uncomfortable hot on the thighs. Surprisingly, I don't notice any significant warmth through the seat.
I also ride with austin system no cover . No problems with heat same conclusion as mordor. It looks like heat sheid has been a quick after thought from ducati not graced with the design thought or finess it should have .