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It doesn't go into limp mode, it simply retards the spark timing so that the car will run safely without knocking on regular gas (87 octane).
As for what people think they feel, I'll point you towards the numerous people that installed spiral or "tornado" intake spacers/throttle body plates and said they produced amazing amounts of power gains for their cars when in fact they did nothing at all.
And for the dynoed results of the power gain, did they let the car run for an hour or so and let it relearn the settings, or did they just dyno after they reinstalled the fuses? If they did the latter, it may have produced high readings but only because the tune for the car hadn't had time to "settle in". The computers in these cars are funny; they requires time after you pull fuses for the computer to relearn the high octane tune. Or any tune for that matter.
I refer to it as "limp mode". Didn't mean to throw you off with that term. As far as what people "feel", that is all subjective. Some people put higher octane gas in 4 cyl cars that require 87 octane and swear they gained 25 hp. However, if several different people from all over the country on several different websites are all saying the same thing, then it is only wise to trust that there may be some truth to it.
As far as dynos go, I'm not sure what any companies procedure is. I have read that most people will pull the fuses and let the car sit for several hours on average...some even overnight. If dyno shops have an L99 SS that dynos at 305hp and then after the fuse pull the same car dynos 335 hp...well then that right there tells you that the fuse pull works. Regardless of the ECU relearning itself after 50, 100, or 500 miles. It ain't like 100 miles later the ECU is gonna say "oh hey we're making too much power, lets dial it down again". The ECU will relearn and adjust accordingly as long as proper octane gas is in the tank. Once lower octane is in, then it will go back into "limp" mode as I call it.
Either way, you don't have to believe it works. However I do have several sources. I can post the links if you're interested in looking. I know you're skeptical about this. But rock solid proof trumps skepticism any day man.