In an automatic transmission pressurized fluid, routed through electronically controlled valves, has to push against pistons in cylinders to actuate change. These pistons press against stacks of sheet metal rings which have fiber bonded to them. This pressure effectively makes them act as a solid, single piece. Gears are at the end of the line and are engaged. Simultaneously, other valves are opened to allow fluid in other cylinders to drain thus allowing other gears to disengage.
Slip can happen when the material on the rings (aka clutch pack) has worn off or when the pistons in the cylinders mentioned above (aka servos) stick, leak or otherwise fail to do their job.
That's slip in a nut shell.
Turbochargers' vanes sticking (either rotationally or in pitch control in units so equipped) can contribute to "turbo lag". I must confess to not knowing enough about turbo construction/operation to speak of the likelihood of these things happening.
If the oil has been maintained properly (correct type + changed regularly), turbos lasting well beyond your mileage are commonplace.
If something mechanical prevents variable vanes from actuating, the resulting boost pressure won't be correct.
Leaking air/vacuum lines can also effect a turbo's efficiency.
I have a great illustrated pamphlet describing your turbocharger but cannot attach it to this post.
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