To quote AEM's website
"The AEM V2 utilizes a dual chamber (using two different diameters and lengths of piping) that creates multiple frequency sound waves to produce the largest area under the curve of any intake system on the market. These sound waves help charge the cylinders with more air throughout the entire rpm range and are what enables the V2 to outperform even our own Cold Air systems"
http://www.aempower.com/ViewCategory.aspx?CategoryID=30
http://www.aempower.com/V2.htm
I don't think the smaller piping has holes in it... Or at least when I glanced at mine it didn't...
Don't know if the power gain is really there, but man it sounds GREAT!