Thank you all, once again for the replies. This has turned in to an interesting aggregation of information.
I've done some further research and have found that a system like this would be very beneficial for the UAV market (muti-rotor and conventional). The system I've designed with the help of some much smarter friends takes advantage of some cutting edge, yet proven concepts.
We concluded after quite a bit of digging around, that the most applicable method would be blade ejection (as twisted as that might sound especially after the aforementioned wheels analogy). Blade ejection turned out to be incredibly simple, especially on the UAV scale and utilizes bolts with a very long utility lifespan, non-active explosives, and quite incredible shear force tolerances.
The bolts, although explosive, are passive and we've designed a multi-layer electrical trigger system that completely segregates them up to a millisecond before system trigger.
The primary reason we reached an accord on blade ejection is the omni-attitude and motion ability of the designed system. Once the blades are detached, the rest is fairly simple and main fuselage/system recovery is through a conventional ballistics system.
As far as the blades being a hazard once detached...we designed and computer tested a system that utilizes individual recovery for each blade. As complex as that might sound, it's actually idiotically simple (to my surprise).
I welcome any further feedback but for now we're quite set in the design/concept. We're still doing quite a bit of research to try to account for unforeseen scenarios so I'll let you know, if anyone's interested, if anything changes.
Once again, thank you all for the information/opinions.