+1 on above. Double check that the "check engine" light isn't burned out. Remember there is a "lamp test" for all lamps at initial key on.
Is this an automatic or manual? If automatic, are there any issues with the shift lever? Might be handy to confirm that the PCM knows the correct shift state. IE, if the PCM thinks the transmission is in neutral when actually in drive, this would limit the RPM's.