I think a few of you may be a bit confused by the term because it is effectively Extended Single Engine OPS when you have to rely on it for real.
Not really, ETOPS is NOT just about the ability to fly on one engine, you can have 2 perfectly serviceable engines and not be able to fly an ETOPS sector, there are a multitude of other factors/systems that allow you to fly ETOPS, as the OP is for operations. I think it is you who is confused.