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This works fine when flying a spinnaker - but do not try this without the spinnaker flying and a lot of boat speed. If you leave the main in tight and gybe while going slowly, the main will catch the wind on the new gybe and will likely round the boat up uncontrollably - I flipped in Charleston, SC doing this (twice) thinking that it would make the gybe easier (I didn't have the spinnaker up).
It happend to me as well in this years sailing seminar. I was the example for the day and the "what NOT to do conversation" lol

I pulled the traveller in too soon and the boat just went over slowly but surely. I was caught off guard, slipped down the tramp and I went swimming for a little bit. No fun when the pointy side is down <img src="http://www.catsailor.com/forums/images/graemlins/tongue.gif" alt="" />