It's not a failsafe effect, it's a combination of the turbo being in an inefficient area of the matrix and poor tuning. The car is dumping fuel that isn't being used.
Boost cut/fuel cut. Sometimes, even on a completely stock car, the boost will build higher than the ECU wants its to and will stay there (over 18psi) for longer than the ECU thinks is safe, so it immediately cuts power and the car jerks.
No I don't have any sort of logging device or a boost guage. It just seems odd that I'd have crazy boost that would necessitate the car cutting power when short-shifting into second or briefly hitting the gas at a relatively low RPM.
Also, this wasn't a "jerking" type power cut. It was more of a "bog" where it just didn't accelerate (until I lifted the throttle and then re-applied).
Ah, ok. I misunderstood. Well, I believe the ECU limits boost in 2nd, doesn't it? So that might cause that bogging. You might also be seeing some knock retard for some reason, I know that feels like you're dragging a parachute behind you.