Wally, good start, but personally I don't let up on Vy until at least 1000' AGL.
Survival lesson #1, kiddies,
HEIGHT GIVES YOU CHOICES!
Get it ASAP!
Even in a caravan (12:1 glide ratio), one company's SOP is not to be done below 700' AGL and only then if is has been practised on a monthly basis with C&T.
Frozo,
Even if briefed, the "Oh Sheet" factor can introduce an unacceptable delay into the pilot's decision to turn back. Then there's the tendancy to load up the wing during the turn (increasing stall speed) or to raise the nose inadvertently to reach the runway (mistakenly, stall again), both of which have a nasty consequence at the low level this is being done at.
