No - Race ABS

Basically the abs,traction control and ecu mapping are all linked - depending on which setting you're using depends on how 'active' the abs is - for example,in rain mode the abs cuts in even if using only the rear brake whereas in slick mode it applies midly to the front (allowing small lock-ups to the front ?!!!) and does nothing with the rear allowing it to slide.
It's all far too clever for the likes of me.
Here's a better explanation lifted from a BMW website:
"There has been a lot of talk about the ABS and DTC and some of it less than well informed so I thought you might be interested in the facts - I work part time for a Motorrad dealer in the UK and the following is BMW UK's explanation.
A. Power Mode: RainThe effect is to cut power to 150 bhp, reduce torque, and the throttle response is more gentle.
Rain with Race ABS The braking force is applied to both front and rear wheels;
Rear wheel ABS operates even when only the rear foot brake is used;
The system detects if the rear wheel is lifting.
Rain with Race ABS and DTCWheelie protection operates
Reduces rear wheelspin
Increased traction and stability even when the frictional coefficient spikes suddenly
B. Power Mode: Sport (which is the default setting)Full power (193 at the crank, approx 180 rwhp) with a fast but smooth throttle response
Sport with Race ABSThe braking force is applied to both front and rear wheels;
Rear wheel ABS operates even when only the rear foot brake is used;
The system detects if the rear wheel is lifting.
Sport with Race ABS and DTCWheelie protection operates
DTC is slower to intervene than in Rain Mode, so slight drifts are possible when exiting corners
C. Power Mode: RaceFull power but instant throttle response
Race with Race ABSThe braking force is applied to both front and rear wheels;
Rear wheel ABS operates even when only the rear foot brake is used;
No rear wheel lift detection
Race with race ABS and DTCWheelie protection operates
DTC even slower to intervene so longer drifts and brief wheelies are possible when exiting corners
D. Power Mode: SlickFull power with an aggressive and instant throttle response
Slick with race ABS
The braking force is applied to both front and rear wheels;
ABS does not operate when only foot brake is used
No rear wheel lift detection
Slick with Race ABS and DTCWheelies allowed up to a lean angle of 23 degrees and for up to 5 seconds"