You spin, you die. You fly in the clouds, you die. Etc., etc. All hogwash. This maneuver is like any other -- if properly executed from an appropriate altitude, it's fine, but if not, it can kill you. Further, I've been at plenty of airports where going straight ahead is likely lethal, so it's all situations.
That said, this is not a maneuver to be tried for the first time from 800 AGL by yourself when your engine actually quits. If you want to add it to your bag of tricks, get an instructor who is familiar with it, and learn it at a safe altitude (say, one from which spin recovery is possible). Don't do what those knuckleheads in the Cirrus did and try to learn it on real takeoffs at low altitude. And once you do learn it, practice it periodically (again, from a safe altitude), and use it with discretion based on the actual circumstances and available landing areas around the airport of departure.