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When I was at the track i had to leave TCS on otherwise it was smokey burnout city. I don't have enough finesse to modulate the throttle that well while trying to get the best ETs so TCS was my savior. Here's a before and after tcs on, off. http://www.youtube.com/watch?v=dqMPmmj-Dik
I'm 90% sure TCS just cuts spark to reduce wheel spin. I've had the car backfire a few times when TCS is "working" for a few seconds, which would indicate spark cut.
TCS definitely DOES NOT apply the brakes. It's primary method of stopping wheel spin is to send a signal causing the throttle to close partially. That would explain the temporary leancondition caused after heavy TCS intervention.