Although it has been less than a month, the transmission is still working normally i.e. no "limp mode" surprises. It's difficult to believe that erasing the code eliminated the problem.
2003 VW Jetta with 57K mile on the odometer. The transmission was in "limp" mode with a fault code of P0734 - Gear 4 incorrect ration. Also, using a VAG-COM, the autoscan received the following: 65283 - Development Code 4
27-00 - Implausible Signal
With the transmission shift lever in "D" the car would start off in 3rd gear. However, by manually shifting the lever from 1st to 2nd to 3rd the transmission was OK but when shifted into "D", the transmission stayed in 3rd.
After reading the various threads on the Forum, I erased the fault code and went on a test drive. The immediate result was the deactivation of the "Check" light and the normal operation of the transmission.
I drove the car over 30 miles today in city traffic and the transmission operated normally i.e. no delayed shifts and slippage between gears.
Will be monitoring the situation and reporting any surprises.