Well knobody knows for sure since nobody has seen it.
There is a TSB here in the US for Sports Exhaust Install that covers the 997 and 997S and apparently a new SPORT button with additional LED is installed that indicates active state, perhaps you can have sport on with exhaust on or off.

I believe also that SE is coming for the 997 as well as indicated by the Porsche Driving Experience sound clip featuring the Sport Tuned 911 Exhaust used at PDE
Go to link below and click on the engine:
997 Sport Exhaust

Sounds very nice and I dont hear a cutout as on the previous version