My instructors encouraged me to do it, and I did it on the skills test too. I still try to do it now, more to get the emergency procedure imprinted in my own mind rather than for the benefit of anyone else! The brief I was taught goes like this...
"We are using runway 20. Wind is 240/10, so we have a crosswind from the right. We will rotate at 60 knots. If we encounter a problem prior to rotation, we will come to a stop on the runway. If a problem occurs after rotation and there is sufficient runway ahead to land, we will do so. If there is insufficient runway ahead to land, we will look to land ahead, no more than 30 degrees either side."
or something like that
Joel.