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Interesting info, so from your experience is GT5's representation of ABS braking realistic ?
ABS isn't going to kill you in slippery conditions unless you're going way too fast to stop, in the first place.
The one problem with ABS in emergency situations is that people will have more control under braking than they're used to... in other words, they MAY tend to over-exaggerate steering motions, which means they will veer out of control under ABS... whereas they would simply slide with no ABS... but that only goes for people who are used to locking brakes. People who are used to ABS will have no such problems.
On the race track, ABS allows you to carry more speed into a corner and to turn under braking with less understeer. Instability can arise if the car's brake bias is incorrect and if the rear tires come too far unloaded, but when properly set, ABS can lead to faster laps simply because they make trail-braking that much easier. We're taught on the race track to take full advantage of ABS, but only after being taught the "proper" way to brake for a corner, as not all cars have it, and most race cars don't.
However, they're banned from competition only partly because they lead to faster laps and less tire wear. The big reason sporting bodies don't like ABS is because clever engineers can use ABS to actively tune out oversteer or understeer, much as electronic stability systems do on road cars... with computer-controlled ABS and traction control, a car can be programmed so all a driver has to do is keep his foot pinned to the throttle and steer. I remember this was demonstrated in Indy or FedEX CART before, and rumors were that one F1 team also did it, but I can't recall which one.