\\\In many respects I would agree with you but a 744 is a different beast compared with a 747 Classic. I have operated both. Remember that the week after the LAX incident the same aircraft had a totally different (in othe words totally unrelated) engine shut down problem ex SIN and the decision to continue was made and the flight operated successfully on 3 engines to LHR.\\\
OK, Beerdrinker, we seem to have found some common ground.
Now, le's examine just a bit more closely.
As all 4-engine jet transports are certificated to the same set of regulations (as indeed are 3-engine jets as well), just what makes the B744 so much better with regards to continuing on three, better than the Classic (as you mentioned) or other 3/4 engine types?
In addition, the SIN-LHR flight you mentioned had far more diversion airports available, so to compare the two referenced operations is apples to oranges, in my opinion.
Thirdly, the original intent of the regulations regarding continued flight (3/4 engine types) with an engine shut down/failed, was the cruise altitude/enroute case...not a shut down/failute on (or just after) departure.
Seems to this old hand that Murphy's law will find a place to strike one day...and the results might well not be pretty.