Ok guys and dolls, Ive got to chime in here. I not only have lots of experience flying the 747-100/200 but am also experienced in the 747-400. Also I have personal knowledge of 704CK as I have logged time in that very airframe.
This is the quick and dirty on "747 V1". Those of you who have defined V1 are mostly correct. However, there are a few items that need expanded on. First, a rejected takeoff is permitted after accelerating past V1 if in the opinion of the pilot that the aircraft is unable to fly. The issue with this is not can the aircraft be stopped it is can the aircraft be stopped on the runway. Most of the time the answer is no. As far as when the rejected takeoff procedure was begun during this accident, yes, it was slightly after V1 but I do believe that had the proper rejected takeoff procedure been applied that the a/c would have stopped.
Now, as far as "heavy jet" flying, I include in all of my departure briefings that once we accelerate above 80kts that we will only reject for an engine fire/failure or the failure of an outward opening door. The simple truth of heavy jet flying is that in most situations once you are above 80kts or the ( high speed ) part of the takeoff, that trying to stop the airplane is much more dangerous that attempting to takeoff.
A high speed rejected takeoff is in my opinion the single most dangerous maneuver we face as pilots. It puts the aircraft right up to its max. performance and unless the pilot executing the rejected takeoff is exactly perfect in every movement he makes, they usually do not end well.
As far as training for this, well we do it all the time. It is a corner stone of flying multi engine airplanes. This situation was not an issue of training or currency. It was a situation of bad judgment. We all train for these things for years and most of us go a career without ever experiencing a real life high speed reject. Every pilot and every person uses different criteria during their desicion making. In this case the Captain in his judgement made what he felt was the best choice at the time. Was it the wrong one? some may say yes but what he truly failed at was not following the correct reject procedure. ( Thrust reversers were NOT used).
This experience needs to be considered by all who fly such type aircraft. Consider what you would do in such a situation and try to learn from this. Fortunatly nobody was killed.