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@Velocio
This page details the materials better than I could describe them:
http://www.serotta.com/pages/materials.html
Basically, you pick the frame according to the ride you want, and they pick the tubes to fine tune the frame to the rider.
The Torsion Core (twisted, layered carbon) down tube is to reduce weight whilst increasing stiffness. The seat stays are to reduce high frequency road buzz (the ride is smoother with no loss of control). The titanium is only the seat tube, head tube and chain stays. The other tubes are all carbon, with the seat stays and top tube being standard woven carbon and the down tube being that snazzy Torsion Core thing. The thickness and properties of all of these tubes are selected according to rider weight, frame size, riding style, etc. Same with rake, trail, geometry adjustments. They just tailor the bike precisely to you and the way you ride.