I took a short driving course last year where they let us run a Mazda Miata around the skid pad as fast as we wanted to. They had us run it up to comfortable speed (they had wet down the pavement), driving in a circle in 2nd, and then told us to let off the gas.
It was really surprising how instantly that rear end came around as soon as I let off the gas and unloaded the weight on the rear end. I could usually correct it by steering into the skid and applying a little gas to get it to line up, but it required really quick reactions to stop a spin. I've spent a lot of years driving on snow and ice, and thought I was pretty good at skid recovery, but I learned a lot from trying it on pavement. You have to be really fast once that rear end breaks loose.
Bruce