This is a source of much frustration. The link posted above was fascinating as to the derivation of the rules as indeed is JT's post, thanks.
Our company mandates use of wet figures when the runway is reported damp. This is not necessarily unreasonable until one sees ATIS reports of damp on an almost bone dry runway. When on a fat heavy approaching TOPL, the end of the runway seems pretty close at the best of times and the reduction in margin of wet figures is enough to leave one uncomfortable.
V1 cuts may be pretty rare, but they do happen, and are more likely with the aircraft approaching limiting weights due to the need to take off with full thrust selected.
Galaxy flyer - we spend a lot of time in the sim practicing LOFT/LOE type scenarios and I agree that sort of training is very important. However, one generally has the advantage of speed, time and altitude in such situations. The immediacy of the threat and the lack of any of those three luxuries on takeoff is what keeps me thinking about it.