XNR and GLS,
I think you have it right, although I admit I never thought about it all that much. The old NL comment follows, look at the accident statistics, and note how few engine failures there are, let alone those at critical points near takeoff or landing.
Be sure to devote about 100 times more energy on IFR procedures, night off field procedures and CFIT avoidance!
I would also say that if you are going to run into something, be on the ground, so the most you get is a traffic ticket ;-)