Yikes! I too have just experienced THE ETS problem at 69000 miles. This is a safety issue!
I got caught sputtering in the fast lane and slowly inched my way over with my signal doing the talking. Luckily around here most drivers are polite and I was able to pull over, turn off the engine, explain to my three kids that daddy and Mr. Throttle needed a break. After 5 minutes I cranked it up and it seemed fine. When the Performance Reduced light came on again on another trip, I took the car to the Volvo dealer and had the problem repaired (the "usual" replacement of throttle body, reloading of software, etc...$1200). This being a first year model, I am convinced that the car needs the extended warranty because of other problems (see other threads) coming down the pike. Thanks for reading this and allowing me to vent.
PS: My fourth warrantied cupholder is still working.