While I think the 'never turn back' rule works well for training, in real life the decision depends on a lot of factors: altitude, speed, complete or partial loss of power, type of a/c, most suitable terrain, etc. In the case of both of my 'home' runways (one a big int'l airport, the other a small field), the best landing sites are definitely not straight ahead. There's also one other aspect to consider - according to some statistics compiled by the FAA, some 80-90% of EFATOs happen at the first change in power settings to the engine. So, at least statistically, not touching the power and/or prop lever until, say 1000 AGL (that's what I use as my personal level), should help.
On a different note, I find this advice
I was once told by an instructor that if taking off from a long runway, try to take off close to the end
completely mad!
There's nothing as useless as the runway behind you and on a proper long one you might actually be able to land back straight ahead if it all goes quiet up front right after t/o.