Capt Pit Bull, you seem a switched on cookie you comments are ones that talk alot of sense.
Im sure no-one here is suggesting putting out a MAYDAY or PAN call before aviating but it is of great importance.
KLM's SOP's tell us to put out a mayday we do not have a choice in the matter when loosing am engine. During an engine fairlure after V1, the first thing we do is cancel the Master Warning rasie the gear then do nothing until 400', during this time the PNF issues the MAYDAY and tells ATC to standby until a more convinent time.....