Turned off traction control to be a baddass and punched the throttle at the improper time as he was changing lanes. Don't ask how I know this.

Actual Driver Explains
http://f80.bimmerpost.com/forums/showthread.php?p=17171373#post17171373

I don't buy his claimed expertise and neither does he by the sound of it.

Reminds me of this:

Look at the steering action. None. He should have countered, but it seems we wasn't trying much.

Talking of stupid shit.. well i have had lots with bikes. Once tried to drift my 650 enduro bike with dirt bike tiers on asphalt. Ended up sliding some 50 meters.. 

From my experience, turning off the traction and stabilty is good, then i get a better feel for the car.

  Few things could and probably need to be emphasized.
   Tires: pressure, wear, road and weather conditions are absolutely crucial when there is so much power and no DSC. When you combine even a couple of those expect a lot of trouble while pressing on gas this hard. In the above case it looks like quite a few factors went into play at once; cold temperature combined with humidity and uneven tire pressure with possible uneven tire wear (as per driver car was pulling slightly to the right from day one).  Still driver's main error was changing lanes but I could understand him not worrying about this too much as he used to drive AWD cars.
   Audi especially  allows much less attention paid to the back end during hard accelerations. Those things pretty much self correct most of the driver errors which develops a certain habits. Even 997tt being AWD is way more stable during hard accelerations then say 997cs despite having way less linear power and gobs more of nonlinear torque. But even then I personally and many others prefer to keep TPM screen on the dashboard at all times even though it looks quite awkward taking like 30% of its real estate (Porsche is actually doing the right thing by allowing you to keep that screen always on and in the center spot). I personally also don't trust high performance tires after first 10k and would rather go like a snail unless there is a lot of space for drifting which of course is the most fun. As for weather conditions, humidity is way more important then temperature and powerful car surely wiggles much more in the morning.
    Back to the poor guy, looks like he didn't let go of gas but instead it seems like there was an automatic gear change and even though it's a dual clutch there still must have been be a slight loss of torque. Front wheels were already pointed to the left and so the skid started right there. At the point when skid was already developing so fast no counter-steer would help in such a tight spot, absolutely no way.
   After that initial error driver actually did quite well IMO, he was trying to counter steer and was even able to later on straighten the wheels and avoid collision with the road sign. I actually totally believe in his past racing skills as most in this situation would probably end up not only hitting the curb with front wheels still counter-steering to the max but most likely flipping the car over after hitting the curb and a sign at a crazy angle.