I recently spent about an hour or so practising low level EFATOs and turnbacks in
this flight simulator. Admittedly it isn't entirely like the real thing, i.e. if you get it wrong you can just reset the scenario versus the small matter of crashing/dying, however it was quite educational and fairly realistic.
Turnbacks are another matter, but for landing on, certainly in the C172 model I was flying, you needed a prompt bunt into the gliding attitude. Any hesitation in this cost you a serious amount of time and height. In that sort of height bracket you really don't have much time to do anything once you've realised the engine has failed, adopted the correct attitude, and most importantly, once your head has caught up with the aircraft. Unless you've got things fully thought out and you're prepared on a hairs trigger to leap in to action i'd imagine you're going to simply land-on or perhaps turn in to wind, or a favourable direction (i.e. no buildings, suitable terrain, etc).
The biggest lesson from that session was that you need to mentally rehearse your take off and initial climb out, and form a very definite plan of action for an emergency - And then stick to it if things do go bad!