Very interesting. The VW Golf R32 (240hp AWD) has a similar setup. In fact, the assembly and operation looks/sounds exactly the same. Here is a photo from the R32: (ignore the white clamp)



What's really cool is, if you clamp off the black vacuum line(s). The valve is always "open" and the car SCREAMS! (This is what's illustrated in the above photo)

The 360CS also has exhaust bypass valves. However they are a different style (butterfly).

As a side note, I don't know if any of you have heard the Golf R32's exhaust note but IMO it's one of the best around.