that one pictured in the ebay auction is the bypass valve, yes.
a blow off valve vents to the atomosphere,where as a bypass valve re-routes the metered air back into the intake. that is why some people experience a tendency for the engine to want to die when the blow off valve vents out to atmosphere --- because all that metered air is now lost and the engine is flooded with too much gas.
to make the BOV function like toyota engineers intended, you will need to re-route that blown off air back to the intake pipe. the Greddy RS BOV has an optional flange you can buy that you can then mount a hose to. This is the setup I will be running.
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