The scenario that most often comes up in training is a cargo fire just after takeoff. As a recent UPS fire illustrated, you may have NO time to get the airplane on the ground.
In the case of a 747 at max gross takeoff weight, it's a 90/270 and land opposite the T/O runway, unless the tailwind is too adverse. Then, a VERY short racetrack to final on the T/O runway.
With a -400 at LAX on one of the 25s, it's a likely good outcome. With a -200, the old steel brakes mean likely blown tires earlier, and more likely to run off the end.
Note that the max V1 reject has less runway to use than the max gross weight landing. However, the flaps won't come all the way down at approach speed (only to 25 due to automatic blowback), so that's yet another "gotcha"...