Trak Fail

oops, Dyslexia rules ko - I meant 1996 :-)

I had the same symptoms on my 1999 Honda Legend (Accura for those in the States, I think) and it was a wheel rotation speed sensor.

I was 99% certain that this was the problem as the wheel sensors are about the only component common to traction control and ABS. I'm pretty sure this is your problem as well.

As to how dangerous it is, how happy are you driving without ABS and Traction control. The traction control you can manage without just fine, by being careful with your right foot, but you may regret the ABS under the wrong set of circumstances. Having said that, I drove for 30 years without ABS and without major problems.