"We don't rise to the level of our expectations, we fall to the level of our training." We are all familiar with some form of this quote from Archilochus (for those of you who know your Greek history). We often hear it said as "We don't rise to the occasion...," which is not quite the same thing. The original quote emphasizes the flaw of the ego. We often do not perform as well as we think we will.
My gut instinct is that this pilot probably knew on an intellectual level that his engine wouldn't stop and his flight controls wouldn't jam if his electrical system failed. Where, then, did his training fail him?
Panic has no place in the cockpit. Practicing simulated emergencies is the beginning of preventing that from happening. However, one could argue that running drills, while necessary, is insufficient to achieve full preparation. One really needs to step back and think about how they would respond in a real-life, no-advance-notice emergency. After having several of my own exciting experiences in the cockpit, including one that left me no choice but to bend metal, I now approach every flight as though the plane and the environment are both trying to kill me. That makes it a pleasant surprise when nothing happens, and much less stressful when it does. Of course, I do a lot of serious XC flying. I'm on an IFR flight plan almost every time I start the engine. My plane isn't my Big Boy Toy, it is my transportation. I'm not sure the $100 hamburger guy is approaching flying that way. It is his recreational activity.
Flying is fun, but it's no joke. How do we get that message consistently across to everyone behind the yoke, including - maybe especially - the weekend CAVU guys?