It's purpose is to keep you from trashing the connecting rods / pistons and internals. Stock GTs do not come with forged internals and can't take the stress as much that high revs put on them without damaging the engine.
My dyno tuner showed me mine kept making more power in the upper rpm range, so if you are a racer and want every bit of HP out of it, removing or raising the limiter can get to that power. If you do though, you're living on borrowed time.
do the newer GT's have limiters? i know the cobra is limited to 155 but i thought that was a speed thing, not rpm.
so do 99+ GT's have them? thanks i never even thought about this, i assumed they didnt
they have rev limiters, I want to say it's at 5750 with fuel cut off at 6k but don't take my word for it. There are speed limiters and there are rev limiters, two different things.