I'm thinking of the Bonanza that lost the engine in IMC a couple of months ago and killed a father and daughter. He did everything right, stayed calm talking to ATC, but when he broke out of the clouds at less than 700' AGL there was nothing else he could do except ride it down.
How about the crash on the freeway after engine failure at Peachtree? Four dead.
I don't get the "Yeah, but" arguments about CAPS.
What's funny is that I haven't heard anyone say anything but good things about ballistic parachutes. What I HAVE heard (which is completely different) is a discussion of why and when you should pull the rocket handle.
WRT this specific incident, until we hear the whole story it's hard to make any definitive statements, but I think the general feel of the group can be summed up with these few questions:
1. Why did he give up precious altitude, steeply diving the aircraft?
2. Why did he deploy the chute when he was at 2000' AGL just 3 miles from the runway, and the engine was still making power?
3. Why did he not declare an emergency?
If you listen to the tape, the guy is completely calm and cool. To me, he sounds like an experienced pilot heading to the closest airport to figure out what's wrong with his plane. Something happened to change his behavior from that, to "Oh, ****!", apparently without the time to notify ATC -- but what? Did the engine seize?
I'm sure it will come out in the NTSB report.