Although my own experience is far too small to comment on such matters on my own behalf, I have had a number of very experienced flying instructors and while they took great care in teaching me proper engine-out procedures, they also told me that an engine-out is not a matter of "when", but rather something a fair percentage of private pilots never actually experience themselves. Granted all we fly is PA-28's and the engines on those don't really give up easily.
I think the real risk on engine failure is often overstated by those who fly a lot of different aircraft types, since you're bound to run into some of the more unreliable ones eventually
That said, I for one always bring lifevests (and a raft, if available) when over sea and always keep a look-out for nice open fields to land in. Murphy's law and all that.
