Jock
Of course you're right, it is either VMC or IMC and you are either flying VFR or IFR, I chose the wrong words to make my point.
If you recall I was talking about risk homeostasis and people taking stupid chances because they have CAPS available.
What I was trying to say was that there are things I'm uncomfortable doing without CAPS as opposed to silly risks I'm prepared to take because I do have it.
One of those things is flying any SEP to minima in IMC because I don't fancy a forced landing in those conditions, although I know that plenty of people do it every day (and I don't criticise them for doing so at all!) and the chances of a failure at the wrong moment are small.