There will always be a check engine light on when the car is in limp home mode. Basically the PCM figures out there there must be a malfunction with a sensor, so it goes to the most conservative guess at fuel and spark advance to minimize possibility of damage to your engine. This usually means running rich, and with lots of retard. Doing this for extended periods of time could damage a cat if way too much fuel is being dumped into it.
If you don't have a check engine light on, then your car is NOT in limp home mode, and the PCM is trying to do its best to set FA and timing for maximum performance.
Because the car has no knock sensor, the PCM has to be a little careful with FA and timing. The Stock (and Mopar) PCM are designed to run slightly rich. While not giving you maximum HP, running slightly rich has a lower risk of detonation... This is because rich conditions run slightly cooler than lean conditions... When you get things too hot in the cylinders and pistons, the extra temp contributes to detonation. When this leads to pre ignition you're phucked.... 1 second of pre ignition will destroy an engine....