It is the FITV (fast idle thermal valve). One coolant line in and one coolant line out.
-yes
IF you try to bypass it, your engine will idle very erratically and will become an annoyance.-no, mine is bypassed, i dont have a problem.
Than what holds your idle up when your engine is cold?
Your IACV is electronically controlled and vacuum controlled.-nope, sure isnt.
So I guess those wires going into a harness clip are just there for show?
The IACV is located at the 'rear' of the intake manifold.-
yes
The two lines are vacuum lines to the manifold.-
nope
The FITV is located underneath the throttle body and has one coolant line in and one line back to a nipple on the water neck.-
yes it is, and yes it does.
EDIT: You have the wrong idea on how the iacv works as well as the fitv.-
nope, sure dont.
Coolant flows through the fitv over a plunger. When the coolant temp. starts to warm the plunger starts to close, thus bringing your idle down.-
yes it does
The fitv is there mainly to hold your idle up until the engine reaches normal operating temperature.-
yes it does.
From there, the IACV takes over
.-exactly my point.
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bold/underline = ME!]