Exactly, well almost. A few codes like a shuttle valve code will turn down the ABS sensitivity so you will still have ABS it will just take a higher signal to engage it.

It is my opinion that it would take some really badly squeaking brakes to trigger the amigos. I've had some pretty bad squeal at the end of my front pads life and it never triggered them. My money is still on a bad sensor or hub from running over the tire tread.