Quoted from
www.chevrolet.com:
STANDARD ACTIVE HANDLING
POISE, BALANCE ... AND THE CONFIDENCE OF ACTIVE HANDLING.
Every 2003 Corvette is equipped with standard Active Handling, an advanced stability control system that provides nearly seamless operation and low intrusion in enthusiastic driving conditions.
The Active Handling System activates when there is a significant difference between driver steering input and how the car is actually responding. Working together with the antilock brake system and Traction Control as needed, Active Handling automatically applies any one of the four brakes to help control the situation. In other words, Active Handling is simply designed to use the maximum amount of available traction at each tire, when necessary, to assist the driver in maintaining control of the vehicle.
Basically it saves you and your car if you get way way out of control
