The twin Lambda sensor system isn't anything new, it was used on the Eclipse. As Elvis said the second sensor after the CAT is used to work out the CAT effiency (in conjunction with the first sensor) and if it goes below a set effiency level (70% effiency on the manual transmission Eclipse, 90% on the Auto) it will throw up a warning light.
I am not sure what effect it will have on the engine running, no doubt it will go into a 'safe mode' and prevent over fueling if the CAT is thought to be knackered. I bow to Elvis's wisdom on that one as she definitely knows what she is talking about! (good to hear from you again Elvis

).
By the way this is different to the E4 which only had a High Temperature sensor in the CAT and not a Lambda sensor.
I have also been told there will be more or different emmission controls on the 'official' CCC E7 which no doubt means the CAT sensors (plus the EGR system).