After a bit of testing it definitely lets things get significantly more dramatic.
Now... I am no drift racer and just did some unscientific trial and error comparing default mode and ESC Competitive mode with just lots of throttle in wide corners - don't have the track time or the skill to be testing the differences in the other intermediary modes and not ballsy enough to just turn everything off and not end up backwards in a wall.
End result was;
- Default mode - I can't really do anything too wild. TC+ESC definitely gets involved at full throttle in the wet or in mid-corner, but I personally do not feel either control coming down like a hammer as it has done in older cars where it can feel like the throttle just gets shut, the pedal completely disconnected from the engine and the brakes being stabbed hard until grip returns. It just feels like the revs climb a little slower and a bit of understeer lets you know to ease up on the right foot.
- ESC Competitive Mode - I reckon it does what it says on the tin in terms of the TC. TC feels completely off and will let the revs climb all the way to red line with all 4 wheels lit up. As for the ESC, I definitely hit my comfort limit without any feeling that it was intervening in a negative way, being able to get it sideways enough to require a 1/4 turn of opposite lock to be able to catch it and keep everything steady. There may be a point that the ESC would have kicked in harder to try and prevent a spin, but I certainly am not planning on going beyond that limit to try and find out.
Subjectively, I love it and definitely didn't feel the same kind of experience described above with the VF Redline.
ESC Competitive mode makes a noticeable change in the cars dynamics and is certainly not a do-nothing mode like some "sport-mode" buttons. It will let you get the car sideways enough to absolutely get you in a world of trouble with the police and (for me at least) is even lairy enough for the track. A side bonus is that in my experience, can make a ham-fisted throttle mashing idiot feel like a pro.