I've hit the "rev limiter" while in 3rd or 4th on my 998 at the track -- same engine as the S4Rs. I was worried the first time. It's not a pleasant experience, but the engine doesn't seem to mind. With the limiter kicking in around 10500 rpm it's pretty easy to let the bike wind up too high. The fast guys on the Japanese bikes ride the whole straight boucing off the rev limiter. It sounds like an angry giant tapping out morse code.
Generally , as fast as the " R " accelerates, (and I think the Tach is hard to read at a glance ), especially if the Sun is shining at you, I'm just going w, the RED shift light since you can't miss that even if you are looking at the road.
Dolph