Young Paul, I know where you're coming from, however, it depends what is the restrictive factor in your performance calculations. Most take-offs in a 737 are climb limited (as single engine performance is obviously poor in a twin engined a/c). In these cases I agree with you.
However, in some cases the performance is runway limited (eg Jersey), and I would backtrack, use every available inch of runway, and hold the power on the brakes until engines stable.
In this case I disagree with you, as if you decided to stop for an engine failure just before V1, then had multiple tyre bursts, brake fade etc, then you would use more runway then the calcs. said. Also, what if you forgot the speedbrake, or the autobrake tripped out ?
If the performance is climb limited, then I am quite happy to use an intersection departure, as it may save time, and as you say, is well within the performance of the aircraft.
I've often wondered why UK airports, esp. LHR don't use noise abatement procedures (as Easy do), as most other airports in Europe do. I don't think they are any less safe, and it would help to lessen oppostion to new runways etc. Perhaps reduced thrust at 1000' is the best method for reducing noise close to the airport as someone suggested.