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I'd like such a device - UNDER MY CONTROL!
Already available on most French cars, Jaguar, etc.
I use cruise control wherever possible - it makes driving so much easier, as it removes the need to be constantly watching the speedo, but there are a lot of situations where it can't be used. A limiter which could be set to the prevailing speed limit, easily over-ridden if required, would cover those situations.
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