Yea, there's definitely some risk involved, but to do that he is actually doing a constant acceleration around the corner, he can slow down and reduce the slide by easing off on the gas. If he takes his foot off the gas, he'd straighten out almost immediately.
As far as the front tires, they track almost perfectly around the corner, which gives him complete control.
And if you think that's something you should download some rally racing.
Cyprus and Turkey are both good. Sweden is insane but it looks like there's only one Seed.
http://isohunt.com/torrents.php?ihq=WRC&ext=&op=and