First of all, I'd like to preface this with the statement that I drive assistless (or "Chuck Norris style", whichever you perfer

). Also, having the assists on (with the exception of the lines and AT) won't affect your driving unless you cause them to activate. When they activate, the icons light up on the HUD.
I think that its interesting to look at how the different assists work. From what I can figure out, the FM2 functions see to work realistically - they don't just make the car handle better. The stability control seems to work (similarly to RL) by applying individual brakes to reduce understeer and oversteer. While this has the obvious advantage of keeping you on-line, you are, in the end,
having your brakes applied, and that will slow you down. The TCS seems to work purely as a throttle-intervention system. You hit X% traction (it should be over 100% of the available), and the throttle is cut back.
[tangent]I've been in my mom's Mercedes when its ESP (Electronic Stability Program) had a hissyfit, and it felt quite disconcerting from the passenger seat; you could feel the individual brakes activate, and it caused some... interesting body motions. Also relatively noisy. Cool, but freaky.[/tangent]
The assists in FM2 also seem pretty primitive. The STM features no throttle-intervention function, an integral second layer in many street systems for when the individual brakes alone can't do it. The TCS seems a little harsh at times (it'll kill a Peugeot 908 at launch - as if that thing's massive turbo lag wasn't enough!). And the ABS, well just look at the skidmarks it leaves. I think some modern ABS systems essentially threshold brake for you.
It might be interesting to actually disect the assists as modeled in game...
maybe when I have more free time...