iVTEC is intelligent gas flow control. At around 4,200 RPMs the gas flow to my engine nearly doubles, making the HP and torque leap to a nice and steady peak rate.
Here is a sound clip. You can hear the difference when the iVTEC controller kicks in.
http://www.gahnman.com/wavs/injensri3.wav
Shifting through three gears. There is a most definite time when you can hear the RPMs snap into a much louder volume (for the first 2/3rds you have to turn your speakers up just to hear the RPM before iVTEC kicks in). That sound wav is the Type S with the Injen SR Intake. The iVTEC on the Type S opens at around 4,700RPMs. (Yet another reason I like my base model better, I get more power and torque at lower RPMS.)
It just increases the flow of gasoline to the engine.