Yea, you got it...I'm not sure when porsche introduced it, but I think all of their engines handle it. Its sort of like VTEC, except where VTEC is a "on and off" switch around 5-6K RPMs, Porsche's vario cam adjusts the timing throughout the rev range to give it flatter curves in torque and horsepower.
In my old VTEC Integra, you could literally feel a kick in the butt when the VTEC kicked in. While that was fun, when you're hitting 5,700 RPMS in second gear, you're already at near highway speeds...and the torque below this magic threshold made the lesser "non-VTEC" integras more fun to simply drive around in. Some people even did a frankenstein converstion where they took the VTEC head off the Honda engine and mated it to the NON-VTEC Block, calling it the "LS-VTEC" engine...which was the best of both worlds, but you had better know what you are doing if you try to do this.
But yes, to answer your question, that's what vario-cam is...a more controlled and sophisticated version of VTEC. (Which stands for Variable Timing and Electronic lift Control)
-Kevin
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