Genghis,
The figure of 8 holding pattern works for all aircraft from a microlight to a B747. In fact if you ever end up gliding a B747 and have suficient height, then that is the hold that ATC will put you in at about 6nm on final approach.
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Look at the above diagram of a centerline and a figure 8 hold. At each end, the aircraft turns towards the landing area thus the aircraft never turns away from the field runway or whatever it plans to land on. (stretch the 8 slightly in the middle!!)
Having arrived at a suitable distance on "final" with height to spare, one simply completes as much or as many of the above holds as are required to burn off the excess height until the pilot judges that it is time to fly directly in and land.
In the case of the B747 as I said it works great as 6 to 8nm but on a microlight about 200 to 500m would be more appropriate.
As for "straight in", I think you misunderstand me. I always advocate an overhead join in the normal circuit unless ATC can give better. However, I was making a reference to making a "final approach" to a farmers field in the case of an engine failure. To clarify what I tries to get across was that if it is possible to land in a field straight ahead easily and safely then why create work by making up some pattern to land in a field under the aircraft!
You do however lead me on to a very good point. Pilots display appaling lookout for traffic during the engine failure procedure. In class EF and G, there can be plenty of flights who don't know you have an engine failure and it is a shame to end a perfectly good forced landing by coliding with a low level military aircraft!!
Yes, I do teach that during low level, there should never be a situation where there is no forced landing option available. However, I have come across plently of PPLs who will do a lovely PFL into a field with a great big forrest at the end and who are totally oblivious to the low level turbulence caused or the absence of any open space should the donkey quit during the climbout.
Side-slip, flap or a combination of both as appropriate is the best way to loose height. If in a position on final where that won't work then the figure of 8 hold ( or part of it) is appropriate. The problem with S turns is that one is progressing towards both the ground and the landing area and if one can not squeze enough turns in to get off the height, one is faced with an ever increasing desperate attempt to do ever tighter turns and longer excursions to each side of final and can at times end up with a steep low speed 90 deg final turn over the hedge.
Hope that answers your questions.
Regards,
DFC