The rev limiter is there to help protect when you overrev the engine when you are already at high rpm. The worst enemy is a missed shift because the revs build way too quickly from a lower rpm. Naturally the lower the starting rpm and how quick it takes to hit the limiter decide how severe the occurrence could be. However, if damage occurs you will most likely know it as it will be obvious (noise, reduced pwr, etc). When I crewed on GTP cars an overrev would call for an immediate tear-down in case of a stretched rod bolt, but for street cars it really isn't that big of a deal.
2011 Synergy 2SS
2007 Saleen Parnelli