I don't think it's cool at all. I mean Ferrari was the first to expose the engine, all others are merely followers (or Poseurs).
And, it's not like you're looking at any beautifully crafted CNC'd billet valve covers and cast alloy (or CF) intake from Marranello - it's a thermo-injected plastic piece.
LEDs? That's about as classy as a Niagra Falls Honeymoon Suite! Just add a set of 'Street Glows' and you're all set!
Nope, IMHO, it just cheapens the car, while not saying anything particularly complimentary about it's owner in the process.