Sort of, incoming air particles flow through one or the other intercooler, but not both. So any incoming air will only pass through a single intercooler on it's way to the cylinder. Basically, they are set up in parallel, not in series. The bad news for cooling is that the outside air flowing over the intercoolers that cools the air in the intercoolers sees them in series. Most of the air getting to the stock intercooler has already passed over the Forge Twintercooler.
The pressure drop for the Twintercooler should be lower. The extra volume means the air is moving slower, which should decrease the pressure drop. Also because the air is moving slower, it has more time to cool off as it is passing through. That might mostly offset the effect of the outside air seeing the Twintercooler and then seeing the stock intercooler.
I have it and I like it, but don't really have anything to compare it to. It did make a noticeable difference when I installed it, but I don't have any dyno numbers to back that up. Not really sure this would show up very well on a dyno, because you don't have the necessary airflow to really make it work.