Again can only tell you what is on my Feb 1999 2.8, (with M52B28TU engine) but mine is a 2 part system. The rear is like this:-
http://www.realoem.com/bmw/enUS/showparts?id=CH32-EUR---Z3-BMW-Z3 2.8&diagId=18_0383
When you fit an aftermarket back box you will almost certainly not get the flap in one of the tailpipes This is operated by a vacuum system through parts 5 to 12 in the realOEM diagram. Below 3000 rpm the flap is closed and all exhaust goes through one of the pipes. Above 3000rpm the valve opens and both tailpipes are used. Apparently it makes the engine sound more sporty at higher revs, although when driving I think there is hardly any difference. Perhaps somebody who understands this system better can explain more about it. As far as I am aware it only affects the sound of the exhaust and has no significant effect on performance.
http://www.realoem.com/bmw/enUS/showparts?id=CH32-EUR---Z3-BMW-Z3 2.8&diagId=18_0383
When you fit an aftermarket back box you will almost certainly not get the flap in one of the tailpipes This is operated by a vacuum system through parts 5 to 12 in the realOEM diagram. Below 3000 rpm the flap is closed and all exhaust goes through one of the pipes. Above 3000rpm the valve opens and both tailpipes are used. Apparently it makes the engine sound more sporty at higher revs, although when driving I think there is hardly any difference. Perhaps somebody who understands this system better can explain more about it. As far as I am aware it only affects the sound of the exhaust and has no significant effect on performance.