There's really only a quantitative difference between engine braking and wheel braking. The heat and wear are just produced in different ways. Engine braking at least conserves the momentum of the reciprocating parts, and provides fine control. That may be more fun than necessity, but it can smooth out traffic flow. I think that variable valve timing is the best way to widen the efficient range of operation. Turbos make variable compression ratio even more important than it is anyway, and nobody has it yet.
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