GF and Lonewolf - I think there may be a disconnect here due to the cultural differences in how twins are operated. In the USA, as far as I am aware there is little concept of performance. If you go OEI you may or may not fall to earth, so you might as well just be in a single. Here in the UK we operate PC1 or 2, at least when we have passengers, and so the expectation when having an engine failure is that the flight will be continued. I am obviously on GF's side here, the multi pilot will not and should not react to an engine failure by dumping the collective, but as GF says that does create a probable longer reaction time to a simultaneous double engine failure. You would for example be considered a complete plonker if you went OEI coming off a rig in the N Sea, dumped the collective to enter auto and ended up in the water, when you could easily have flown away OEI. The correct response to an engine failure just on rotation from offshore (highly unlikely as that is) is to not move the collective for the couple of seconds it takes for the tail to clear the deck edge. Any significant lowering of the collective at that point is likely to wipe the tail of and result in fatalities.
You can argue until the cows come home about whether this is the right or wrong way to operate, but for the time being that is how it is over here.