This thread has migrated from a VFR/VMC early go-around to an IMC-at-the-minimums discussion.
Rule one: flight manual.
Rule two: SOPs.
If you are in VMC/VFR approach, then obviously it is not going to be so stressful, but i would still follow the flight manual/SOPs. Unfortunately, most FMs don't include a "getting ready on base to go around because of a slow aircraft in front" contingency.
So far many people have mentioned turbo-charged/ piston engines. As for turbo-prop/ turbine engines I would doubt anybody argues against full power/MaxCT/EPR/ITT/EGT etc (again, follow flight manual limitations)
Here is a common enough scenario that shoots the full power, clean it up and go around every-time-as-per-SOP theory down. Suppose you have a circling minima of 500 ft. You have arrived off the NDB approach (or whatever) with minimum legal fuel and get visual at 500 ft - maybe a bit higher - but the cloud is most certainly solid overcast at 550 to 600 ft. Now at 300 or 400 ft on final some mug taxies onto the runway, forcing you to go-around, or maybe you just screw it up and get too high, or too far off centerline. Are you going to instinctively go into the full missed approach scenario and climb back into cloud? Bad, bad choice. Ease the power up to what is needed (probably no more than climb power on most twins due to the inertia and small height gain required), return the flaps and gear to circling configuration for the particular airplane type, and level off at 500 ft for another go.
I hope that we are talking about day VMC here, in a cat B (300ft) or cat C or D (400ft) aircraft. Remaining visual to circle below the MDA should only happen if you can satisfy the obstacle clearance rules (ie day).
Once you go back into that cloud you have no choice but to conduct another instrument approach with less than minimum reserves. THAT my friends is poor airmanship, and in the past has resulted in more than one pilot failing a checkride.
I would be very surprised if you would fail the checkride if it was at night (refer to my paragraph on visual circling above). I also doubt that you would fail a checkride if you followed SOPs. Besides, minimum reserve fuel should include 30 minutes plus 10% of whatever your flight fuel was. That should cover you if some ?#$% should taxi onto the runway in front of you (very small probability) (and no doubt CASA/ATSB would want to talk to that individual also)
(plus if the Wx was forecast to be this crap you would have holding/ alternate fuel anyway)