I'm not a CFI, but I had to intervene once. Here's the story.
I fly traffic watch up here in Boston. We always fly with two pilots for a couple of reasons, one, for safety, two, so one guy can report the traffic while the other guy flies, and three, if one guy doesn't show up, the plane can still go up.
This guy I was flying with was doing the landing, and he was coming in very slow, weaving back and forth across the centerline. It was making me nervous. His touch down was more like a punch down----WHAM!!!!---he hit the ground very hard, and the plane bounced about 30 or more feet back in the air and started to nose over as it was coming down again for the second hit. We were going to land on the nosewheel or prop...it was very dramatic.
He wasn't doing anything to resolve the situation. I yelled "GO AROUND", but didn't wait for him to react, because there just wasn't time to wait for a reaction. I firewalled it, grabbed the yoke and went around. I am pretty sure that had I not done this, we were going to be taking a lifeline flight to Mass General, and the plane would've been very broken.
In the moment, it was no huge stress, but after we landed and I got back to my car, I realized that I was shaking. It scared the hell out of me.