The traction control also plays with the throttle along with the ABS. I was playing in the snow covered parking lot one night after work, turning the TC on and off to get a feel for how the car handled in snow with and without it. With it on, if you throw the car into a slide (which is hard to do in the first place with TC on) and punch the pedal to the floor, you don't start spinning the tires, because the throttle is no longer controlled directly by your foot. Turn the TC off and you can do donuts in the snow and spin your tires all night long.
The TC works well, I was able to make it up a steep slick hill that stops most people without 4WD. Tires never spun out, and the back end stayed right in line with the front. Very nice! I still don't like to take the Stang out in the snow, but I don't feel quite as worried about it as when I first bought it. (I used to drive a Wrangler, so the snow performance really had me worried.)