Here is a pretty decent video that explains how the ESC works:
If you have an opportunity to experiment on a "closed track", you really should take it out and get used to the "limits".
ESC will not completely save your butt, however it does do a fairly decent job. The computer has a definite advantage with braking just one wheel. In the summer, when the roads are good and warm and the tires are good and warm, the Sky is a complete hoot to drive.
And if you get on a "closed track", running in Competition Mode is wayyyyy fun. A lot of the die hards (and I used to be one) will swear that a "truest" will shut the nanny all the way off and to hell with ESC all together. But I have really become fond of Competition Mode. In that setting Traction Control is off AND ESC is "lightened up" a little bit. So the computer will let you "steer with the rear wheels" a little more before the computer decides to set a brake to help straighten you out. I find it to be a pretty darn good compromise.
Traction Control Settings:
1. Traction Control On and ESC On (normal driving mode and is automatically selected every time you start the car)
Nothing indicated on DIC
2. Traction Control Off and ESC On (click button once)
"Traction Control Off" indicated on DIC
3. Traction Control Off and ESC on but allows more over-steer or under-steer before engaging. (click button twice within 5 seconds)
"Competition Mode" indicated on DIC
4. Traction Control Off and ESC Off (hold button down for about 5-8 seconds)
DIC will cycle through settings "Traction Off" then "ESC Off"
Setting 4 leaves you driving completely without any Nanny, so be ready to drive. You will still have ABS, but NO COMPUTER CONTROL
of traction or individual wheel braking. Very easy to put the ass of the car in front of you, if you are not accustomed to the limits of the car. Don't forget that you always have Posi Track engaging the rear wheels. That is a mechanical function. As soon as you put full power to the rear end, both wheels lock up, so if you are on a corner and go WOT with the Nanny shut off, then you WILL
drift the rear wheels out of the corner and can easily spin out.