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Base C6 Corvette is 430HP. That is a lot of power. More than enough to bite you if you play with the Traction Control. Not trying to tell any one what they should do but I had a sweet 98 C5 and that car pre dated Traction and Stability Control. It also had 80 less HP. I have owned Corvette off and on over 40 years and understand these cars pretty well. Even so, the 98 got loose a couple times when I did not expect it. IMO, wise to leave the Traction Control engaged and forget about it.
Competition mode shuts off traction control and uses a lesser level of active handling intervention (such as you might want when learning to drive on a road course).
I had the active handling kick on the other day and I didnt care much for it, I like to have control, I also race stock cars so I like to be able to correct a slide myself. The active handling caught me by suprise. Thanks for the heads up!