I have to admit upon first glance one could be easily mistaken for believing this topic has a hard and fast answer. My personal opinion is that no is not the answer to turning back, although I agree that in some cases there is no way that turning back could be safe.
The trouble is, as with a lot of aspects in life - the human.
As much as we plan such an event, we all suffer a few moments of shock before consciously thinking through what needs to be done. This "human" error is something that we can only minimise through prior training and development. However still in what we happily call a developed industry, EFATO are still catching some of us out. My thoughts on this are around the following:
1) Weather - current ambient conditions at TO
2) Airfield characteristics and surroundings
3) Training
4) Single + Multi crew reactions
Unfortunately I believe that all of these interact so much, that you need almost to be lucky to get all ticks in the boxes. If you don’t the chain is broken and emergences such as EFATO becomes a bit more of a problem.