Microburst2002,
If you study the procedure and you have a flaps and/or slats jam one day in approach you may carry out all the procedures and land without having to hold for thouble shooting. If you don't, you have to discontinue approach and hold.
Real life is not a sim scenario. That kind of failure is one where people tend to make a lot of mess in the sim, in real life it can only be worst. Therefore if you are not burning and you have some fuel left I would strongly recommend that you take all the time that you may need to complete the procedures before actually starting the approach. Being head down reading the checklist and all the notes in a way that the PF understands what he has to do, while monitoring the approach and talking to the ATC, and finally discovering that you would be more comfortable with that runway that is just 20 nm away, all of that is not really nice to be seen from an observer point of view.
Just my 2 cents.