Since my first post, I have come to understand the cause of the engine failure my friends suffered. The details are not mine to discuss, other than to say it was entirely not pilot caused. So, they were two skilled pilots suddenly in a difficult position not of their making. For whatever reason (I have not spoken with them yet) they did not make the best of a forced landing opportunity which lay ahead of them. I know that airport well, and I am confident that I could put that plane onto a nearby field, more or less ahead, possibly with little damage, but confidently with no injuries - as long as I followed my practiced skills.
That said, in general, I do agree with BPF, avoid causing your own engine failure with prior application of your skill and planning!
I'm not a fan of the turnback. I have personally assisted in lifting the remains of two friends of mine who have both attempted very tight turns back onto the same runway at my local airport. They were both more experienced pilots than I. If they could not accomplish the maneuver, I should not attempt it - they taught me a memorable lesson.
So I practice PFL's to the surface, both land and water, regularly in most of the aircraft I fly.