One of the teams at 24 Hours of Lemons Toledo (Detroit-ish) lost all but 2nd gear in his (chipped)) 325e after 2 hours.
So from then on it was 22 hours of rev limiter, with a few seconds here and there per lap where the car was slower than 50-55mph. He was waiting for the rain to come back so he could swap the trans out during a slow period. Never happened
My respect for BMW engines went up megafold after that.
OTOH, I've seen someone lunch an EJ25 Subaru mill by bouncing the limiter. Subaru DOHC engines are... funny. They have lots of guides to prevent the belt from jumping off of the pulleys, so they HAVE to have weird harmonics going on. (Automatic versions do not have the guides, per the service manual... have never dug that deep into an automatic DOHC before) Supposedly going to an aluminum crank pulley also causes belt jumping.
And rotaries hate high load + high RPM rev limiter. The shocking kills the stationary gears and in a turbo engine can cause side housing cracking.
Here's an (in)famous blown rotary, the cause, at least as far as they could tell, was holding it on the stock ECU's rev limiter for about 5-10 seconds at a certain place at Buttonwillow because it was faster than upshifting...
http://www.fc3spro.com/TECH/HOF/K2RD/k2rdhof01.html
Supposedly they just cranked oil pressure up, use an aftermarket ECU with the limiter set to something they never reach (9400?) to safety the engine from a missed shift, and they have no more problems.