look under the hodd, u should see a silver box type thingo to the left i think, thats the TCS.
Not sure if it comes standard, my exec S2 has it fitted but no switch to turn it on and off like some of the other cars.
Traction control from my understanding knows when the wheels start to slip and reduces power to the wheels so they can pick up again.
Tried it when i got my new car, foot down on dry blacktop and no wheel spin, on wet roads there is a little but it picks itself up pretty quick.
You can still break traction around corners pretty easy (as my dad found out getting onto the freeway onramp and pushing the foot downa little too hard)
In the end it makes for a safer and more sensible drive but you can still have fun if you take corners too fast. Just saves ur tyres a lot on takeoffs
EDIT:
Traction control deals specifically with lateral (front-to-back) loss of friction during acceleration. In other words, when your car accelerates from a dead stop, or speeds up while passing another vehicle, traction control works to ensure maximum contact between the road surface and your tires, even under less-than-ideal road conditions. For example, a wet or icy road surface will significantly reduce the friction (traction) between your tires and the pavement. And since your tires are the only part of your car that actually touches the ground, any resulting loss of friction can have serious consequences.
http://www.edmunds.com/ownership/safety/articles/46352/article.html
