Just bought a 98 Camry V6

That is some kind of plastic material with a high melting point. It appears to be a splash guard (not sure). The oil tends to get a little gummy on the plastic, but that has nothing to do with the condition of the engine parts underneath it.

It's starting to show cracks and looks real brittle. I'll have to get a chiltons or haynes manual and see what's involved in replacing it. thank you for response.

You can see it in the following pictures on Autozone's free repair guide:

I don't know why Toyota even uses them, because others don't need these baffles.