jsceash, that sounds kind of odd. I don't know where the rev limit is on the 2.7 engines, but that 7200 sounds like 3.2 territory. I wonder if the same tach was used for both models at that time (doesn't make sense, but who knows), or if that is the cluster from a Boxster S put into your base model...
To the OP's question, I think some people are treating redline and rev limiter as synonymous, and that's not always the case. Yes, I've redlined my car on many occasions and feel no pain in doing so, especially after the IMS bearing fix got done. It's a sports car, not a VW Cabrio. I don't like to putt around in it, but I don't drive like my hair's on fire, either. I don't beat on the car constantly, but I wait until it warms up and I make sure my normal driving sees shifting between 3 and 4k rpms with some higher revs here and there, and all the way to redline in some cases so the car is put through its paces. If there were no benefit to running up to 6700rpms in the 2.5 engines they would have put the redline lower where it was most beneficial to shift.
I'm not planning on selling this car to anyone any time soon, if ever, so I'm going to drive it the way I want, and if something pops, so be it...now it's a project. I didn't purchase it expecting it to become a lucrative investment later on in life. I purchased it to have a nice car to have some fun with, especially when the road stops going straight.
I've hit the rev limiter once, and only once, in 2nd gear simply because I was paying more attention to what was happening around me than where my RPMs were as I was merging from a very short on-ramp onto the highway. Like blue200s said, it's a fuel cutout, so there's no crazy Honda racer-boy needle bouncing happening, it just cuts the fuel and you suddenly get a nudge forward in your seat as the revs come back down, and I imagine it's more gentle the higher you are in the gears. It definitely lets you know it's time to shift, but it's not a bad thing if it happens once in a while because it's doing what it's supposed to do to protect the engine. I wouldn't go chasing it, but you can pretty much tell when the engine's up in that 6 or 7k territory without having to watch the needle all the way.

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-O/D
1997 Arctic Silver Boxster, 5-spd
IMSR + RMS
Robbins glass window top
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