430 under dash material flap-whats it used for?

Yep. water guard.

 

Photo courtesy StephVan from an old thread

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Water guard? It's inside the car above the left kick panel. If you are getting water here, then the car is submerged. It is a trim cover to hide the ECU's and wiring.
Someone pulled it off of the green control unit to install some aftermarket electrical part (the white bar that is held to the wiring with the two tie-straps). It is just glued in place with sticky back adhesive.

 

That is kind of weird that one side is black and the other is red. I have never seen that before, but it's possible that it is factory and I just never noticed it. If you are worried that it has had some kind of repair in the past, there are a few things that I look for: Weld consistency, almost no body-shops can duplicate the quality of welding that was originally performed on the car at the factory, especially on the aluminum cars (360, 430, etc). Look for poor welds, grinding/cut marks where parts were welded, splatter from the welding process. If you see something that is not like the rest of the car, then it was probably repaired. Look for over-spray on parts like wiring harnesses that were not on the car when it was made. If you see paint or remains of masking tape on a part that would have been installed after the car was painted at the factory, that is a sign of repair. Look for parts stickers on replacement parts. Most parts on Ferrari's do not have stickers on them with the part number on them. Body shops are very lax about removing these parts stickers from new parts like inner fender panels or under-trays.
Also if a car has had paintwork on it, you can usually tell just by looking at it. On lower parts of the car like rocker panels or the lower portions of the bumpers or spoilers, body-shops are not very careful about things like sanding scratches, dirt in paint, runs, fish-eyes, etc.
Without seeing your car in person it is very difficult to tell if it has had repairs performed on it, but I would not worry about it being black on one side and red on the other if the quality of welding and paintwork looks good.

 

My 2006 F430 Spider does not have that.

I’m guessing it was installed by the previous owner as a cover material over something.


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That cover is standard on all 360's and 430's. It was installed by the Ferrari factory.