As a Cirrus owner and pilot I would generally use the CAPS in virtually all situations that required an off airport landing due to engine failure or loss of control etc.
This was not my original opinion when I first purchased a Cirrus and it took several years to change my opinion from what I was originally trained to do and often practiced (ie a PFL)
Having read more or less all the Cirrus Fatality reports and also all the CAPS reports my opinion now for me is that I have tried to re programme myself to accept what is likely to be the safest outcome for me and any Pax.
I fully understand the arguments for and against and if anyone has time or inclination this one hour presentation sums up the arguments for in a way I never could and I try and watch it a few times a year to remind myself.
http://www.cirruspilots.org/media/p/593875.aspx
In a twin I accept it is a different argument but I see plenty of fatalities in twins where one engine failed, they seem like a real handful.