As [MENTION=53237]mikidymac[/MENTION] said "At 118 with three different gauges that engine is shot. A rebuilt engine with 50 hours should be at 150 psi", he is right. He proved his point no later that today with my ski.
That being said, if compression is really at 118, your engine may go kind of fast but in the end, it will lack power (30 mph is NOT normal). My same engine will go 42 mph at WOT at 149 PSI.
As for hard turns, they are hard on this engine because my ski is long (3-seater) and with a not a so powerful engine: speed goes down as well on mine so this is not necessarily proof of malfunction. Whatever model of Sea-Doo you own, and at no more than 200 pounds on the ski, a 717 engine 3-seater should go to 42-45 mph on calm water on average.
That being said, and until you test your engine with a $400.00 compression tester, you can never be sure. Trust me. Mikidymac will tell you. I wish your gauges were all of the same brand to ensure a wrong result or else, what you get could be reality (engine fried).
Finally, if the motor is really revving up and with limited speed (such as 30 MPH), you must also consider that the problem may be multiple, meaning both an engine issue and and a jet issue (impeller, wear ring, etc.).
Benji.