neon_duke - Great post, you have a way of explaining things that makes it very clear even in text. But I would like to point out that there are two definitions of "drift" being discussed here. This is probably where some of the confusion is coming from.
The kind of drift you're speaking of is usually so subtle nobody will notice it. The drifting that I think is being asked about here, and the type that I'll discuss, is a driving art born out of Japan where drivers try to keep there car as sideways as possible through a turn, while travelling gracefully through it. It's done simply for kicks and grins, and is a difficult skill to master. It's certainly not the fast way around a track, but it's useful in that the driver who is experienced in this type of drifting (which I'll call Exhibition Drifting) is usually more comfortable probing (and exceeding) the limits of adhesion in an oversteer-biased car. And in some cases drifting can be useful for blocking a line, or reducing your speed in a decreasing radius corner while setting up for the exit.
Here are some real life examples of this driving style, with two very different approaches.
http://hondatwincam.com/movies/Hachiroku.mpeg - This fellow is insane behind the wheel, but has incredible car control.
http://members.eisa.net.au/~gtir01/DriftVideos/oridodrift.mpg - This guy is calm and smooth. A true master with nothing to prove.
If you want more, just look in the directories those movies are in.
Now,
Erfus, you wanted settings for the AE86 Shigeno Version? Well, I don't seem to have mine handy at the moment, but what I can give you is a link to some of my other drift car setups.
http://www.themaille.com/hgt/phpBB/viewtopic.php?t=664114&sid=9b347d3765d7b873c530e5f95fc65b17
Those will give you some insight into my drift setup style, which I've applied to the AE86. The best base to start with is the FC RX7, I think. It's still my favorite drift car in GT3 even though it was my third (I have, hmmm, ~15 now.
). Try starting off with those settings on the AE86, and go from there. One thing I have found though is that drift settings are a personal thing. Some people use very different means to accomplish the same goal. What works for me may not work for you. If that's the case, experiment. That's how I learned. I didn't have any settings to go off of, I just started fiddling with the cars on my own, based on my limited knowledge of how they work in real life, and after a couple weeks ended up with something I could drift with. There's no simple 'formula' for drifting either. It helps to understand the physics of driving - weight transfer, slip angles, the traction circle, and the like. One last note - my drift settings seem to require a light, gentle touch. A couple of my friends, whom I've worked with in teaching them how to drift, have a style very different from mine, and their settings are very kooky IMO.
But it works for them. They can't control my drift cars very well, and I can't control theirs very well. They like to slow down well before a turn, and hammer the throttle on turn-in to get the rear out with lots of power, then dial in massive countersteer and hold it under as much throttle as possible. Me, I like to start the drift under braking, or with feint motion, or both, well before the turn, and transfer to applying the throttle smoothly and with precision, usually waiting until I've nearly cleared the corner to put the throttle down to the floor.
Anyway, just experiment and have fun. In time, the drifts will come.
youth_cycler and troy - Drifting in real life is not so easy. It's much easier in GT3, where the consequences of making a mistake are nil. That said, I do believe my GT3 drifting experiences has allowed me to get a 'head start' in drifting in real life. My first drifts were pretty decent, I think (and in a borrowed car, heheh
). Once I can buy a driftable car of my own and set it up for that, I think I'll be right at home. My current car is anti-drift, pretty much.
It sure goes around a track in a hurry though.
Anyway, my fingers hurt now.
Looks like I've typed a chapter in a novel...
If so, could someone hook me up with some good drifting settings- and possible a paragraph on how to do it? I would love to learn how as it sounds like great fun, all I need are the settings and the correct car! Thanks! 
I am new to cars and GT3, and am trying to learn the ropes of both. I cannot yet drive so I don't know a whole lot about cars, so I am trying to learn some stuff via the game. Thanks for the answer as to what drifting is though... Sorry for asking a dumb question!
Last time I looked at driftcore.com, the video section was down. Also, when are we going to be able to download some more of your fine drifting skills?
