One of the main control methods is to have the system monitor and react to the rate of rise in RPM, on aspirated engines you can, as has already been said pull some ignition timing out or even use a percentage ignition cut, this allows the engine to still drive but softens the power. You can also over complicate what can esentially be achieved without many of the sensors that have been listed. A 'G' sensor for example is a usefull tool for detecting when the engine is no longer pushing the bike forward especialy when shifting gear. Some teams are looking at 50k to get somewhere near a reasonable traction control system up and running with limited success.
An advantage to spinning the rear comming out of bends is that it enables you to fire the bike harder down the next straight, its also a bloody good deterent when someone tries to ride around the outside, make a bigger object to get around.
In a car its easier to do as you have more wheels to distribute the power to should one start to slip. When a bike starts to spin the rear, the suspension unloads and this has the effect of unloading the tyre and giving a smaller contact patch.
And to do it even reasonably well I think you would need at least something like a Motec M800 preferably an 880 and a Motec dash. All big money stuff. Maybe a better idea to learn how to ride by the seat of your pants and feel what the bike is doing under you, through the bars, pegs seat etc.
