Rev Limiters like the Bee-R Rev Limiter are used for the purpose of capping your RPM's so that your car will not rev passed the limit it is set at. The Bee-R rev limiter works by cutting the ignition upon hitting the rev limit. This is prefered over fuel cut because, according to the site:
Fuel cut, as used on many standard vehicles, risks damage to high performance engines when at high revs.
Rev Limiters offer a solution to change the stock limit and not have to worry about spooling your RPM's over the red line. Most modern cars have built-in rev limiters. But being able to change the limit can be a good modification to help improve launching of the car from a stop, or setting it at low rpm for a car's break in period.
My question is, when using a rev limiter (and hitting the rpm limit as intended), will this cause any wear on the engine? Is it safe to be hitting the rev limit in this way?