J_T and Mutt:
War-story department: One of my pals was flying a flight out of KABQ on a hot summer day (wx CAVU). It was a 727-100 (20,000 pounds less max structural weight than the -200, but with the same engines). As I recall they were at MGTOW of 152,000. Fortunately, they were taking off on Runway 26 (which descends to the Rio Grande River west of the field). On rotation they shedded a tire into one of the outboard engines, which of course failed in a nasty manner. Being sharp guys, they briefed the OEI profile again and found that the airplane just hung at zero climb rate at V2, then the speed started to slowly decay. So, the PF dropped the nose to regain speed (that would have been a hull loss on Runway 8) and then gently banked left to turn south along the river. The airplane then managed to stay level at somewhat over V2 then after a few miles very slowly began to climb. They went south about 20 miles before they could clean up, at which time performance picked up and they were able to climb sufficiently to turn around and return to the field.
That one was kept real quiet.
I believe it was the awesome reliability of jet engines that kept us from disaster over the years. I had three engine failures (or mandatory shut-downs) over 27 years, and only one was on takeoff (L1011 center engine failed at 2,900 agl after clean up to 250 knots.)