Been following this thread for a couple of days....and I can't stand it any longer, have to chime in.
The slipping that occurs when in part-time and going around a corner is usually only one wheel...usually the outside front wheel. There are three other wheels that are not required to slip when turning in part-time. While slipping does break traction, unless you're playing like Mario Andretti on slippery roads, it shouldn't be that much of a problem.
That being said, if roads are slick enough not to cause binding, then using the part-time selection is probably better than using 2WD.
I have the 242, and love it for the very reason that I don't have to worry about driveline damage when going from slippery to grippy surface conditions. While it IS possible to spin just one wheel when in full-time mode with the 242, it usually doesn't happen unless you really put your foot down. If you really need/want the ability to ensure all four are spinning, then get lockers or limited slips for front and rear.
The biggest handling challenge I've noticed in my XJ is since I put the Ford 8.8 with a LS/Locker in the rear. That makes accellerating around a turn on slick surfaces a whole new experience (ask me how I know!). I love my 242 and won't give it up. I even have a spare sitting in the garage for if/when mine finally tanks!