I'm an advocate of everyone knowing what their airplane will do in a simulated power failure on takeoff.

I typically will go to 3,000 agl and use that as my imaginary runway along with the runway compass heading. I apply full power and start climbing at whatever airspeed I want to test, so I know what speeds and weights it will stall at with full power. Once I establish that I do simulated power failures so I know what to expect.

Once I know what to expect from an engine failure, at the same altitude I practice what altitude is needed to get back to the runway safely (aka "The impossible turn" made possible).

And if any of you think this is dangerous, think about the consequences when you have a real power failure on takeoff and you don't know what to expect. I've had 5 full engine failures in 4 decades of flying, 3 of them on takeoff. I'm here to tell you that you can't know your airplane well enough...

(and for anyone wondering, I landed successfully every time with no damage to me or the airplane. I always say "Even the space shuttle that weighs tons upon tons with short stubby wings glides. But you better know what speed it glides, and even more importantly what speed you need to flare and touchdown. )

Geez, I hope I'm not jinxing myself now???