Now we know why they invented ABS all those years ago. Since the average human doesn't go out and practice panic stops, and by the very nature of the situations that lead to panic stops there isn't time to analyze the situation, the typical rider/driver just nails that brake pedal, locks up the tire(s), stares at the object creating the need for a rapid stop, and winds up going straight into the object.
I think I'd go with ultrafxr's opinion on the rear end slide situation. If you lock up the rear but maintain a straight ahead slide, release and reapply works. But if you get a rapid skid to one side and then release, the most common result will be a violent ejection. Much better to take a low side crash (the infamous "lay it down" method) versus having your body launched in the air to land who knows where. BTW, "laying it down" is all too often the first approach, and it should always be the last. You can't steer too well with the bike laying on it's side, and a properly applied set of brakes will usually stop you faster than the friction caused by grinding off the side of your bike. Once you lay it down, you have absolutely zero control of anything.
Another thing that has gotten to me in cars, and will now also apply more and more often to bikes, is the idea brought up by nashalynn. When you've spent your life using the release and reapply method to control skids, how do you make sure you don't release when you have a vehicle with ABS? I had a terrible time retraining my feeble brain when ABS was introduced in cars, and finally had to go out in slick parking lots to practice holding the pedal down and not backing off. And that brings up another thought, what do you do when some of the vehicles you drive have ABS and others do not? You don't have a lot of time to remember which technique to use in a typical panic stop situation.
Oh well, the best defense is still awareness of your surroundings and proactively avoiding taking potentially dangerous positions. For example, stay out of peoples blind spots, train your eyes well out in front and to the sides and not just on the guy ahead of you, automatically assume the person in that car or truck doesn't see you, etc. And practicing stops in an abandoned parking lot is still a great idea, even if you have ABS.
Jerry