Slick mode anti wheelie cuts in when the bike is leaned over, so when exiting bends it will not wheelie but when upright the bike will wheelie for 5 seconds then the bike will cut the power.
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I may be wrong but as far as i have found the bike in slick mode if you have grip will wheelie when leant over coming out of a corner,the traction control cuts in when it senses a difference in wheel speed between the front and rear,slick mode is the least sensitive as it will allow power slides ,wheelies etc
the lean angle is sensed and that controls the traction control as well ,the amout of lean is different in different modes,you can be leant over further with power applied but TC kicks in when you reduce the angle the traction control will allow more power to the wheel
I dont think the bike in slick mode will stop you from flipping where as in the other modes the change in wheel speed is sensed and cuts power if you are still holding the throttle open it will start to wheelie and again power will be cut,this is like a pogo affect and very nasty