My 05' GTP won't peelout on hard acceleration, even with the traction control off. I don't beat on it daily, but sometimes when I'm in the mood and just want to do a nice roasty take off at a light or something, I noticed that the tires will break free, then immediately act as if the traction control is still operating (engine feels like it rev-limits to stop wheel spin) so maybe my traction control is always engaged even though when i press the button the light comes on in the dashboard and i hear the audible chime when you turn it off? Otherwise no complaints, its not like the car has a CEL or any other performance issues.
If nobody has any ideas, i may try just putting on the e brake and trying a conventional burnout to see if it really is the traction control.