[JimD]

It is definitely a feel thing. It is a good way to practice recovering from oversteer. Understeer you just lift off the gas and you will regain control. Oversteer you lift off the gas while steering into the slide but you then have to straighten the front weels as the rear end comes into line. If you don't, you will swing out the other way.

I've never done this on dry pavement, at least on purpose. I did it recently on a wet skidpad and was surprised that it was harder. Or maybe it was just my total lack of experience. The coefficient of friction seemed to be changing and I wasn't keeping up with modulation of the throttle. Snow seems easier to me.
It's very easy to loose grip in snow but you have to be very gentle with the throttle.

Jim