I agree with Rainboe that it is not a simple decision. I might be one of the conservative ones, but I'm still all for landing in a reasonably short timeframe.
The 747 does fly excellently on 3 engines, and for that reason I agree that I wouldn't be considering landing overweight, or necessarily at the nearest airport, but at the nearest "practical" airport. Would I fly past a company destination airport that is able to take my aircraft size? No. Others might. Thats their decision. To qualify that, the routes I flew on the 747 were ones with very few airports that you'd want to go to close by, and some with reasonable terrain issues... so that probably biases me in the land direction.
Phil... I'm not sure why you think that rejecting close to V1 with an engine failure would be more risky than continuing... expecially if your V1 was calculated to be the minimum "Go" speed, not the maximum stop speed!