Well I have pretty much floored every car I have had, and quite often, and not had many probs. I doubt its GOOD for the car, and may cause parts to wear sooner, but if it something drastic then I have been lucky. I had a 95 V8 Thuderbird that I put over 100,000 miles on like this, then a 95 Mark VIII with another 100,000, driven the same way, and oh wait thats the car that blew up. . .

Seriously, I am with Kevin on this one, I don't think its that bad, the car is made to be driven at all RPMs and throttle positions allowed, so have at it! I floor mine on average 2-3 times daily