zerozero, Rainboe is quite correct.
I agree with you its not carte blanche to land overweight whenever and whatever the circumstances.
However there are situations that present an immediate threat to the safety of flight and an engine failure on a twin is one of them. Others might be fire/smoke, single electric or hydraulic source or multiple unrelated failures you judge to be a threat to safety of flight. A severe medical emergency is also justification to land overweight. In any engine fail scenario while you may suspect you have no real idea why your engine failed and while it is unlikely the other engine is also compromised it is possable (fuel contam, birds, sabotage/terrorism, FOD). If it was to fail then thats probably it for all on board so while you do not need to rush to the extent that doing so presents a hazard it is clearly prudent to land as expeditiously as you can. That may be several hours if your over the Pacific but only as little as 20 mins if you've just got airborne. Just because your ETOPS does not mean you are allowed to stooge around on 1 engine for 3 hours if you could have landed in 20 mins.
Clearly if the wether is poor the decision may be more complex but the maxim "if you can get airborne from it you can land on it" is true.
I believe Boeings article in Aero magazine was designed to demistify the whole overweight landing thing so that when this very scenario presents itself the correct decisions are made.