No, there are 8 ports. Do you want me to post pictures or something? The ports are sort of arranged in two rings of four. The top ring (the ones closest to the yoke fitting where you would attach it to the tank) has two ports labeled HP and two more labeled EP spaced approximately evenly around the axis of the first stage. The HP ports are adjacent to each other, and likewise for the EP ports. If you were looking down the axis of the first stage you could think of the HP ports being at N and E, and the EP ports being at S and W on a compass. The plugs for the HP and EP are obviously different looking with the EP port plugs taking a larger Allen wrench and also having a slot in them for a flat head screw driver. Opening one of these gives you an unobstructed view straight inside the first stage. Removing a plug from an HP port on the other hand gives you a view of a flat metal surface closing off the port except for a small orifice at the bottom.
The bottom ring (the part furthest from the yoke) has four LP ports. They are not marked LP, but they have the right size plugs to be LP and the second stage came fitted to one of them. These ports are not spaced evenly, but are grouped in two sets of two - presumably to better arrange the hoses coming over your shoulders. Again looking down from above and keeping the compass orientations described above they are at E, SE, W, and NW. Removing a plug from one of these ports gives an unobstructed view into the lower section of the first stage - much like the view into the upper portion through an EP port except there isn't anything to see in the lower section.
Ironically, I use a combined BC inflator and octo, so all told I only need 3 of the 8 ports. =)
The reg itself is not designed for water below 10 C, so I'm guessing that it's not like they figure you're going to be doing any extreme cold water diving with this reg.
