for those driving an sv6 or calais with the 5 speed box, using the power mode has a more noticable change as it ups the line pressure for a firmer quicker shift, also activates a perfomance mode as pointed out earlier by torana 355, it holds gears longer and doesnt shift up etc under agrresive driving, like on a windy road for better engine braking, but in the old 4 spds, it just changes the shift points
Right on the money,
If you have anything before a VZ and have a PWR button, you are only changing shift patterns, so your car will shift at a few more hundred revs than normal, which in theory is still great for towing and a little performance, so use it to your hearts content you arn't going to destroy your box and your fuel economy will be pretty much the same if your right foot pattern is the same (not thrashing it)
The misconception that your PWR button will use more fuel is because it just so happens that as most people push that button, they tend to drive a lot more aggressive.. which obviously will result in fuel economy differences..
In VZ SV6 / VZ Calais (not to be confused with VY models as the whole throttle setup changed in these models) The PWR button actually does a lot more, if you take both a VY S pack and a VZ SV6 for a test drive for example, you will notice..
In the VZ it will hold the gear from upshift to downshift, in other words - whereas in a VS/VT/VX/VY etc it will only upshift higher in the rev range under acceleration, in a VZ it will actually do this AS WELL AS not upshift under slowing down, for example if you push PWR in a VZ and go flat out then drop the throttle completely the whole car will sit in third or 2nd gear respectively and bog down, ready for launch at the slightest throttle touch.. Great for 'having fun'
and also great for towing.. whereas a VY won't, it will still shift the same on throttle release.. Theres also a few other performance tweaks that happen with the gearbox in the VZ, whereas anything before hand was not designed to make it go faster, just to make it tow better.
If you've seen a VZ sv6/calais before and someone who's 'having fun' with the throttle you'll see it's very easy to bunny hop in a VZ (the art of jumping off the throttle at high revs to make the ass end of the car literally bounce off the road - looks very cool from the outside
) because of the downshift performance pattern.