For total engine failure, I totally agree. Partial engine failures are a lot more interesting. My own experience was not on take-off, but at about 600AGL on a sunny-day flight in a Citabria. I had enough power to barely maintain altitude, but the gauges were telling me that an engine failure was 100% going to happen. I just didn't have enough information to estimate *when* it was going to happen. The choice I faced was to put it down in a farmer's field right there and then, or see if the engine was able keep me airborne long enough to find an airstrip of some description. It wasn't obvious which was the safer option. As it turns out, I was able to locate a crop-duster strip and put it down with a blown cylinder, bubbling cowling paint, and oil blacker than a politician's soul. I was fine, and after a little love from a mechanic, so was my plane, so I guess that was the right call.
I really think that partial engine failure scenarios are relatively neglected in pilot training. They're much more interesting from an ADM standpoint.