Punkalouver, I basically agree with you. However it appears that in this accident, the normal go response to V1, that works 99% of the time, may have failed them in this instance, mainly due to the fact that they were some distance further down the runway than originally intended, when they arrived at V1.
On most takeoffs (especially field limited takeoffs), you have to reach Vr sometime after you reach V1. In this case it looks like they came very close to making Vr at the berm (well past the end of the runway), but not quite.
Again, I think the go-no-go decision a pilot is forced to make regarding V1, at the point when these pilots discovered that they reached V1 at reduced power, is going to be a 50-50 guess at best. The reason is because too much information (i.e. runway distance remaining, time to spool up the engines to max power from a lower power setting, time remaining to accelerate to Vr, runway distance to cover to reach Vr, etc.) has to be processed in too short a period of time to easily make the correct decision. It's also possible that neither decision will save the day, especially if you're just too far down the runway at the problem discovery time.
Again, the best solution is to avoid getting into this situation in the first place (arriving at V1 too late), and this is the primary lesson that I'm taking home from this accident.