I prefer the 45 degree rule when I'm in the circuit. That is, if the threshold (or a threshold) is less than 45 degrees to me then I may well not make it back if the donk stops.
This was brought home to me back in 84 when I was flying a VP1 (arguably one of the draggiest machines around). I had an engine failure at 1500 feet upwind of the airfield on a straight climbout (wind down the runway at c.12kts).
I elected to go back to the field because I considered I had enough height to do so. The drag effect was similar to a C150 with full flap on approach. I made it back to the active threshold but only by flying a steady, shallow 360 degree turn. A conventional circuit would not have got me back to it.
Thereafter, I have always tried to make my circuits and approaches tight enough to at least get to the field boundary should I lose power.