the carbon does nothing it is just an aesthetic which the company can charge more for because people will pay for it. The pipe is same as any other unless it was made for a race bike which this bike is not
I am sure there are many videos on youtube with that pipe on the 07 in both forms. I think there is even a thread with the exact video your looking for
Here is a great article about Motorcycle oil
The Truth About Motorcycle Oils
It take a couple of minutes to read but breaks down everything you will need to know about oil for your bike