Alex Whittingham offers a more than adequate description of a reject before, around, or after V1.
For those who have never flown heavy jets, where field length and de-rated takeoffs are FAR more critical than lighter commercials, it is well accepted that an RTO is considered less and less preferable, the closer one gets to V1.
However, superimposed on this is the uncertainty of what failure has occurred, on hearing "bangs" or "thumps" and "vibration" in the 747 cockpit, which is far removed from the engines and the gear, so it is not always obvious whether you are having maybe a surge/compressor stall/or a blow out.
Sympathies for the crew, no professional wishes ANY incident on ANY crew!
Alex....cheers for the Perf A Refresher course 10 years ago at Gatwick! Been flying 747's ever since!