There are two different main buttons for sport mode. Sport\Power and MSP off.
If you have skyhook installed, you will have sport, however with no Skyhook you have power. They both change the traction control and CC gearbox; Giving both more aggressive settings. If you have skyhook, sport mode also changes the pre-set load level for the dampers. For the transmission, the shifts are made faster, and with less clutch engagement duration. This makes the shifts more abrubt, however with faster clutch engagement, this should increase the life of the clutch overall. This mode also changes the shift settings in the automatic mode, making shift points later, and holding gears longer.
The Power button for those of you without Skyhook does the same thing, just minus the Skyhook integration.
MSP off completely disables the traction control (and I had heard it also disables the rev-limiter - and I was also told if you blow up your motor in this mode its not covered under warranty - thank you OBD-II)
- Mark