What does it do?
The third pipe actually has two separate pipes in it. So there are actually 4 exhaust outlets, just like most other Ferraris.
There's been talk that the two into one on the middle pipe is to keep it quiet when you're taking it easy (they being two smaller diameter pipes) and when you floor it the other two pipes join in and let rip.
That's true but it's because the two outer pipes are completely closed off until you rev the engine past the 3k mark (or whatever it will be for the 458).
Absolutely! IMHO, one of the best styling cues of the car. I also love the winglets moulded into the side of the front bumper.
Two center pipes are full time pipes. The outside pipes open up via actuators just like the normal bypass systems. They are controlled by vacuum. closed at full vac and open when close to 0