I do it just about Everyday in my Impreza, However I don't hold it in a gear for more then 2 Min, Beacuse I don't have a tranny cooler.
I hit the Rev Limiter the other day in 3rd gear for the First time
oh and yea.. I don't do this, and I know it does not help anything.. but Just for Kicks my car has a 6000 Red line I let off the gas and get back on it quicky around 6000 rpms, causes the car to Squat a little. I don't do it much, At WOT Subaru's tend to use ALOT of Gas..