No not quite. You get two video cards rather than one and the performance is better. But it does not become a GeForce XXXX if you do so. For more information go to www.nvidia.com.
Nvidia says that by using a second card (SLI config.) up to 80% performance gain is possible. The "SLI Thing" is using two graphics processors together. I have read that 3 cards together is being considered for very graphics intensive physics etc.
SLI is generally not worth it unless you're really into peering inside your case just to get a kick out of seeing two video cards sitting there.
It normally needs a lot of power and cooling to work right, in which case you might end up spending, say more than what you would pay for a 8800 Ultra by getting two 8800GTSs, a new PSU and new cooling to go with it all. Also, SLI only proves its worth in situations where extremely high resolutions come into play, such as 2560 x 1600. Even those resolutions would require a monitor capable enough of supporting them, so you've already spent an insane amount of money on a monitor, two cards, a new PSU and cooling even before having played or bought a single game! Of course, if you have the cash, the above factors may be disregarded.
Oh, and as for multi-GPU technology, check this out.
One higher card is almost always better than two lesser cards.
The three card configuration is an ATI thing I believe. They should worry about getting the single or cross-fire set-ups right first.