Mat Oxley has started a series of articles on how the latest MotoGP electronics do their job.
He's gotten Bradley to help explain it.
Very enlightening.
http://www.motorsportmagazine.com/opinion/motogp/how-motogp-traction-control-worksThe only glitch is the data trace image in the article has some flaws.
A short way down in the comments, Mat posts up the correct image.