I can't help thinking that a little knowledge is a dangerous thijng, (and a multi-engine rating on a PPL is certainly 'a little knowledge').
A few FACTS about flying light twins:
1. Most of the flying done in light twins is at low AUWs - even an old Seneca 1 will climb on one engine with only 2POB and a light fuel load. In this condition, they're quite safe.
2. If you've any brains at all, you will declare a single-engine committal height prior to any approach, below which you will land or crash, but not attempt a go-around. How low you set that height is largely down to the aircraft. It should be about 500-600ft for a competent pilot in a good aircraft.
3. What sort of airfield you will land at with an engine out is down to you - I wouldn't go into an 800m strip with an engine out, but then I've only got half-a-dozen thousand hours or so.
4. The comments above about 'not declaring a Mayday' demonstrate a weak understanding of the big picture. What do you think this will achieve? Calling Mayday doesn't get you any more thrust, height, or speed - and those are the things you need! Yes, the little red land rover might come out to meet you at a small airfield. At a larger airport, the fact that you're on one engine (assuming that you bother to mention it to ATC at all - and you should, because you're not going to be able to taxi far after landing!) will prompt the controller to get the AFS out.
The main point, I think, is that a Performance E aircraft is not a performance A aircraft. that's why you don't buy a ticket from an airline and find yourself on a Seneca. I believe that pilots of light twins know far too little about the real performance of their aircraft. Yes, you can go-around on one engine in a light twin, provided you start at the right height and do the drills correctly whilst flying accurately. No, you can't do it lower than that, or if you get those things wrong.