Savoia - having had three 206 engine failures, one at night with the Alton Towers L, that scenario seems very familiar! Two were compressor blades flying out of the side, and the night one turned out to be the NR gauge, but having set myself up and fired off a flare, I just carried on. Good job I did, because at the end of the field was a set of large tower lines which we discovered the next morning. No damage to anything aside from the initial cause.
I can confirm that the aircraft behaves very differently in the real world, and the denial factor is very relevant - i.e. "this isn't fair, all my engine offs have been over large green fields!" By the time you have sorted that out you are already on your way down, and if you are longlining you are likely on the ground. With twins, this is even more critical, as you have to watch the needles more to detect a failure in the first place, and the idea is to keep it flying, so dumping the pole is less on your mind. I did my 355 conversion before I did my 350, and it was very beneficial to do EOLs in a very similar type, but this is not the case for modern aircraft.
My first priority is to DUMP THE POLE because you don't want any drag from the blades, with maybe a slight check back in the hover or a bigger one at higher speeds. Some people have indicated that they would keep a high speed on - not sure that's a good idea, as if you are over the VNE for autorotation all you will do is go down faster as the driving area of the disk will go past the tip path plane, giving you less disk area to play with.
Phil