I think it is more useful for bigger riders to be honest. You have 3 settings and off for the TC (traction control). Then you have basically rain and normal mode for the power settings.
With the TC set to off, it will wheelie and potentially flip over backwards. Starting with setting 1 and progressing to 3, it gets progressively more "invasive" so to speak. With it set to 1, it will wheelie but it is limited to about a foot off the ground on my bike. You can get some wheelspin as well but when it becomes significant, it dials back the power and does it pretty quickly. Just for the heck of it, I did a pretty hard launch and in setting 1 it kept if from flipping over but I was prepared just in case.
For the power mode, it reduced the power to about 70% of peak AND softens the throttle response a bit as well. Even at 70% the bike will easily outrun most cars on the road. I have found slightly better fuel economy in the "rain" mode. The bike will still easily go over 100 mph. You think like you are riding maybe a 600 or 750 instead of a liter bike.
Most of the time, I am running full power and TC in 1. I have used rain w/TC setting 3 on some particularly slick conditions (think a lot of mud on the road). Think of TC as like ABS, you may not need it all the time but can be very nice to have when you do need it.
One other plus is you get the new computer readouts for instant & avg mpg as well as the range (DTE - distance to empty). I use the range setting a lot as it is pretty close to being accurate though a bit optimistic. Much more detail to see 30 miles left on the tank than one bar that has been flashing for 15 min...
The ABS is on fulltime and can't easily be defeated. The brakes are amazing though on the 2014+ models. Ok, I should qualify that, my rear brake sucks but the front is amazing. Most of the time though the engine braking is about as much as it can handle without locking up anyway (on the stock POS tires). I have to REALLY jam on the rear brake to even remotely approach rear wheel lockup.
Hope this helps. I'd say go for the newer model to be honest.