it seems to be, I have no experience of it though our bikes (UK) do not have the PAIR system fitted.
yes it seems to be a popular modification on bikes that have it. kits available from a member on here @toddlamp (look in the for sale section).
no not really, the pair system was a failed attempt at emission control (similar to an EGR valve on a car) but it can introduce things like vacuum leaks, and stuck transfer valves, removing it gets rid of the pipework on top of the engine.