After 13 years in Navy SAR, this is why we receive extra Hazardous duty pay.
I agree with Shawn, one has to weigh the benefits of making the rescue vs. someone on the line when things go south in the bird.
I can say that everyone who does that type of work knows, and (I hope) accepts those risks involved.
If I were taking my personal experiences into account for your question woolf, I would say that I am expendable out there, the pilot is going to land or make the maneuvers necessary to get the heli down safely, if that includes time to take me into account and maneuver, then (I believe) he/she will, but again, hoists have a cable cut as well. From tecpilot, it sounds like the guy had a good pilot who responded the best he could, placing him into the lake would have been preferable to land.
(Don't let my tone lead you elsewhere, I'm sorry to see that happen to anyone, condolances all around.)