I guess I am a bit mystified why this thread has become fixated on the
least likely EFATO scenario that is the engine suddenly explodes and bursts into intense flame as the aircraft is acclerating down the runway. In fact I have never seen a documented case where this has happend in a simple Piper/Cessna trainer/tourer. However plenty of airplanes have experienced an engine failure while takeoff and many have ended badly. If I gave the impression that in the case of the front of the airplane is suddenly engulfed in flame than you want to stop as fast as possible and get out of the airplane than that was not my intent, although I still believe the fastest surest way to stop the aircraft during the takeoff run is to follow the steps I detailed earlier.
But the reality is that the engine failure on the runway emergency will turn out OK if you stop the aircraft on the remaining runway. I think that there is a "best" way to do this and I feel it is sensible to secure the fuel and electrics before vacating an aircraft which as I clearly stated above
showed no indication it was on fire.
Ultimately though I do not see this as the real issue. Human factors research clearly shows human being do not do well when suddenly presented with a unexpected shocking danger. The killer in EFATO's is not pilots being burned to a crisp on the runway because they delayed exiting the aircraft in order to accomplish a 20 sec long system securing checklist, it is crashing in uncontrolled flight after the engine fails at low altitude, often as result of failing to quickly adopt the gliding attitude, and/or loosing control attempting a low altitude turnback. The accident record provides unequivical evidence of how poorly PPL's do when unexpected EFATO scenario.
I believe the average low time pilot is more likely to better handle this emergency if he/or she spent a minuite reviewing the actions they will take before every takeoff. This will put the actions to the front of the brain.
I would also like to point out that IMO the EFATO emergency is the only really crtical emergency for light plane pilots because instant correct action is required. Pretty much all the other potential emergencies will give you enough time to think before doing and IMO starting with the emergency checklist is usually the best way to address a problem which develops during cruise flight. The EFATO brief is the only emergency brief I teach to light aircraft students.
Finally I would like to comment on the idea that "big aircraft" procedures have no place in light aircraft flight training. I could not disagree more as the evolution in professional operations is to reduce traditional read then do checklist to the minumum. I follow the same philosophy using my own checklists which start with a system of flows which follow the same consistant pattern and are where appropriate are backed up by "checking" the checklist and with all of the stupid flight schoolism's removed (for example my checklist does not tell the student to release the key when the engine starts, like one school I know

). So for example my prelanding checklist has only 4 items
Fuel-------------Selector valve correctly position/quantity checked
Mixture----------Full rich
Brakes-----------Checked
Carb Heat------ as required
Rather than rejecting "proffessional pilot" methodoligies I think they should be examined and where appropriate to the aircraft and operation, be applied at the ab intio training level
Bottom line: Every airline thinks there is value in the 5,000 to 20,000 hr captain and the very highly trained first officer review the critical actions for a takeoff emergency....so why would there not be value for the new PPL to do the same thing ?