Yes, at a pre-programmed RPM (4300 rpm in the Pilot, I believe), a locking mechanism forces cam movement to an alternate cam profile which enables better breathing at higher rpm.
Here is a pretty good explanation:
http://www.billzilla.org/vvtvtec.htm
Vtec allows good performance at lower and higher rpms because the lower flow (better for torque at slower engine speeds) can be achieved and so can the higher flow too (for high engine speeds) .. something that could not automatically be done with non-variable cam timing engines. VTEC is Honda-speak for variable cam timing and on the Pilot, I believe it is only in the intake cam.
Everything I have read did not indicate any gearing changes (although some reprogramming for the electronic transmission often happens with little fanfare), although the previous writer did correctly indicate a move to a drive-by-wire throttle in 06 and newer models.