Yes. If you write down the two differential equations, you can verify that the solution is a mix of two modes of oscillation.
a) One with the two masses en phase. In this case the central spring does nothing and the frequency is given just by the spring constant and the mass.
b) Another with the two masses in opposition of phase. This time the frequency is higher.
When you add the two modes, you should obtain something like: [tex][y_1]=A_1\cos\omega_1t + A_2\cos\omega_2t[/tex]
[tex][y_2]=A_1\cos\omega_1t - A_2\cos\omega_2t[/tex]
You can work this result in the form:
[tex]\cos\left({\omega_1+\omega_2\over 2}t\right) \cos\left({\omega_1-\omega_2\over 2}t\right)[/tex]
This gives and oscillation at the mean frequency, modulated by a sinusoid at half the frequency difference.
As you kown the dependency of energy with amplitude, you can work the power transfer between the two masses.