Mutt,
The short answer is yes. If you only recognise the failure at V1, then its a go and sort it out airborne.
V1 was redefined by both the FAA in February 1988 and JAA in March 1988 as the maximum airspeed at which a flight crew must take the first action to safely reject a takeoff, not the recognition of the failure.
Inconsistent terminology has caused confusion about the V1 concept. An important assumption in the V1 concept today is that the decision to continue the takeoff or reject the takeoff is made
before reaching V1. The accelerate-stop performance data in AFM/POH/FCOM are based on the pilot flying taking the first action to reject the takeoff at V1.
For airplane-certification purposes, the actions required to reject a takeoff include applying the wheel brakes, reducing thrust, and deploying the speed brakes or spoilers. The manufacturer establishes the order in which these actions are taken.
What the rules say ...
The recognition of the failure should occur at V1-(3 to 5 kt) to give the crew time to react. Before 1978, manufacturers were required to adjust accelerate-stop distances to allow for two seconds of airplane travel require that manufacturers add the distance equivalent to two seconds (one second between the first and second actions to reject the takeoff, and one second between the second and third actions)at the V1 speed.
People have come to use “soft V1” calls at V1-(3-5) kts, so the hands come off the throttle quadrant just before the airspeed needle passes the V1 bug speed.
Z
P.S. If you hurt someone in the process of a high speed reject you may go to jail for negligence or manslaughter, if you bend the aircraft you may end up work the rest of your life to pay the insurance company back for operating the aircraft not to the AFM/POH/FCOM.
Do they still do public stoning in the middle east Mutt ?
On the bright side, Boeing projects one RTO in every 3,000 takeoffs and one high-speed RTO in every 150,000 takeoffs. Airbus numbers are higher (newer airframes and engines).