I normally just keep the TSC on because its just a hassle to have to press the button everytime i get in the car, and I figured it'd be safer with it on anyways. But whenever I turn it off it seems like the car has way more power. So what's the power difference with the TSC on/off?

 

there are no power differences with tcs it just controls throttle under certain circumstance i.e. (slipping of rear tires)

 

I've actually heard that it does help with the power, but then again i do not know for sure. But ya obviously does not cut power to your wheels when you start to slip...

 

No change in power and it is spelled TCS for Traction Control System.

 

my experience is that it is just as fast with it on, only thing when u redline shift and squeel the tires into second, it will BOG DOWN, hindering acceleration

 

The TCS just limits your car from slipping or peeling by applying the brakes slightly or limiting the throttle response. If you're gonna race somone you should certainly have it off but, if you're just driving around its good to leave it on.
Also becareful because i know somone who totaled their car when they took off TCS in the rain