Can anyone tell me what this is and if it looks right?

My cobra came this way. It almost seems as though some hose should hook to this and go somewhere. I want to make sure everything is good in 5-7 days when my new wheel gets here. Is this right?

More info, the hose hooked to the bottom of this "valve" goes to what appears to be a little Cat Converter. A small chamber on the exhaust.

That is a "breather tube" for the cat converter (junk!) I took the exhaust off and took it into a muffler shop. they cut open the cat con chamber and gutted it and welded it back shut for $15. ATV actually runs now! Before that would get red hot!! Get rid of it and then you can fill the hole the breather tube came from with JB weld

Ok thanks. I do plan on doing something to the exhaust but not sure what yet. I would like to get mile an X18 dual exhaust for it. I know its form without function but it sure would look cool.