GENERAL WARNING to the readers of this thread.
Be advised that we are currently discussing theoretical scenarios at the edge of what an airplane is capable of doing. Unless you are extremely proficient in flying at the edge of the envelope, DO NOT try the techniques mentioned here in a for-real EFATO (Engine Failure After Take-Off) scenario.
If you want to practice these, do so at a safe height and with an instructor on board.
BP - Very well said. I baled out of this thread a few days ago, and in my last post I advocated what you have just stated, but I am concerned about some of the points I am reading here. Every type, every situation, every type of weather, every type of pilot, what sort of day you are having/have had, all have a great bearing on 'the turnback', the decision, the 'emergency'. All of this debate is theoretical.