What just happened?
Originally Posted by DSMEVOLUTION
That's really all I was asking. It was to subtle to be fuel cut and too quite to be the rev limiter. It was just strange because I know our turbo's do run out of breathe at high rpm's but I didn't think it was that noticable where the car just said ok I have no more left in me, because that's what it felt like. Anyways that's all I was asking pretty much and the ironic thing is that it took two pages of bull$hit responses from other members to get the right one and looking back the only repsonses that were on track were Warrtalon's. Thanks Warrtalon! Man do I wish these forums were more like the dsm forum's. There was less BS on those and 95% you got an answer instead of some idiot wasting space. I think the problem on these forum's is that there are way too many 18-19 year old who's mommy and daddy bought them an evo and think they are coolest kid on the block. 
Not that it matters because you think you've figured out this non-issue, but if you were at 7500-7800 rpms you more than likely hit the rev limit (7600). I've revved that high before and the car running out of breath isn't that big of deal.
You mentioned the car whipping through the corner and having to counter steer. All that probably happened is you were so busy steering you hit the rev limiter before thinking about shifting. You run out of 1st gear real fast in a corner like that.
To add to one of Warrtalon's posts, the 5 speed does 40 in 1st gear at redline. Obviously, the speed will be higher at 7500-7800 rpm.