Launch Control Mode on 360 Modena / Spider

I was having a chat with my tech, who used to be a Ferrari test drive a number of years. He was involved in the 360 program testing the car for suspension setup, etc here in Arizona and Italy. I mentioned how the 360 CS, the F430 and later models have a Launch Control button. He told me that there is Launch Control mode on the 360 ...

Engine idling in neutral. Place foot on brake, turn off the ASR, shift in 1st. Foot down hard. Off you go ... you get wheel spin and smoking the tires, but ECU senses rpm increase per unit of time and if it senses too high rpm increase per unit of time for the gear you are in, that is indication of too much wheel spin, so backs off throttle a bit to get maximum acceleration, otherwise it keeps hammer down.

Now, I have not tried this as I have visions of something breaking. Anyone tried this technique?

Steve