I'm sorry but you guys are wrong. Fuel cut only can be dangerous. Fuel cutoff is instant and can interupt an injector pulse. Read this. And this is not the only place i have seen this information, I'll find other sources.
"Why fuel and spark must BOTH be cut.
Old style spark only rev limiters where designed to operate on old fashioned carby and dizzy type engines. They operated by intermittently grounding the negative side of the single ignition coil to cut spark.
A rev limiter designed for a modern EFI motor needs to cover a few more bases.
1/ A spark only system on an EFI car will allow raw fuel straight through the engine and will rapidly contaminate the catalytic converter and destroy it. Excess fuel will also wash the bores and contaminate the engine oil system risking long term bottom end damage. 2/ Most modern EFI cars have multi coil ignition systems which bare no resemblance to old dizzy and points systems so you can't simply ground a coil to the same effect. 3/ A fuel cut only system runs the risk of leaving small amounts of fuel flowing through the engine which may ignite risking lean burn and engine damage. The most effective and safest method of reducing power output independent of throttle position (i.e. WOT) is to stop fuel supply and simultaneously cut spark activity to eliminate any possible lean burns situations. On an EFI car, it's the only safe way of rev limiting. "
sourced from:
http://www.rev-lite.com/flat.html
http://www.johngauto.com/P/HN.HTML