My understanding is that Rossi went out of business in the 80s and Savinelli purchased the name. Never smoked one so I can not comment on that part of it.
If you look at their different lineups, they share a number of designs, the 320 for example. My guess would be it's a different grade, but that's just my thought.
One of my late father's pipes that I smoke is a nice Rossi that had seen better days, but I saw that it was a quality pipe and sent it off to Walkers Briar Works for restoration, now it is like new. I would not hesitate to pick up another Rossi estate pipe if the opportunity presented itself. They were/are good quality modestly priced pipes comparable to Savinelli or Armallini that were popular in the 60's and 70's I believe.