Sports mode?

Is it Ok to use Sports mode when I feel the need for speed and often.
Or is it reserved for special scenarios only.
i.e. does driving in S mode have any short term or long term adverse effects on the engine etc.
( other than extra fuel consumption )

No issue in using it as often as you like. Some members actually found it returns better MPG (see thread below). I'm using it regularly as I like the added responsiveness of the gearbox.

http://babyrr.com/forum/Thread-Sport-Mod...better-MPG