The Boeing QRH is pretty clear about this. If the EGT is the only parameter out of the normal ranges and it occurs in conditions where it may have been expected, hot high conditions for example then:
EGT Exceedence On Takeoff
This condition is most likely to occur when using a high takeoff thrust setting particularly when operating from hot/high airfields, and/or when experiencing a temperature inversion.
In the event of an EGT exceedence during takeoff the engine is reliable for continued operation provided:
• EGT is the only engine parameter outside limits.
• No other abnormal engine indications exist e.g. vibration, spool speed, fuel flow.
• EGT returns to the normal range after thrust reduction.
This advice also applies if such an exceedence occurs on both engines during takeoff and in the case of ETOPs operations.
Do not retard the thrust lever in an attempt to control the exceedence until airborne, the aircraft is climbing normally and a safe takeoff flight path is assured.
At a suitable altitude as soon as possible after the gear is selected up, retard the thrust lever on the affected engines until the exceedence is within limits. Whilst the subsequent maintenance action depends on the amplitude and duration of the exceedence, the recommended flight crew action does not. All maintenance actions are assumed to be carried out after completion of the scheduled flight.
I hope this direct quote from the Boeing QRH helps to clear up some of the arguments!
Jazzy