I believe the parts manual calls it a smoke deflector though I couldn't say why. I changed the OEM part with a CF replacement, both for the bling and the OEM Metal one weighs a ton. From the weight I think it seems to be made of steel and I think probably the heaviest part that I've replaced with a CF replacement piece.
Originally it was flipped up - I'm guessing to direct more air up to the airbox. I then flipped it down to direct more air to the oil cooler. I have recently flipped it back up again. As far as I can tell neither seems to make any difference. But maybe someone can do some wind tunnel and dyno testing to verify
