Skip shifts aren't a rumor. They work.
In stock form, when the car wants to skip shift it will take too long. Say you punch it while in 3rd. It will downshift to second, pause shortly (to allow the tranny's internals to catch up), then proceed to 1st. This is why the stock skip shifts feel slow and jumbled.
PCM programming helps it accomplish the task faster, but it is a bit more harsh. I wouldn't go doing it all the time. The adjustments also allow you to skip shift at higher speeds. At some speeds, it would only shift down to 2nd (or 3rd if you were in 4th). The reprogramming allows it to come into 1st right towards the top of the power band so you get a nice hard surge before it goes back to 2nd. Not all that great for it, but if you're not doing it all the time no worry.