I've got about 40 hours in a G2 Avidine equiped Cirrus, and I think the Cirrus is a GREAT airplane.
That said, the CAPS chute is of almost no value to me. In most of the crash scenarios that kill GA pilots (CFIT, low altitude stall spin, ect.) the forces are outside the CAPS envelope. The crash scenarios that I could imagine myself pulling the handle (midair, flight control malfunction, ect.) are extremely rare.
In the event of an total engine failure I would still elect to glide it down to a landing if I could find any reasonable landing site. By pulling the chute, you as a pilot have zero control over where your plane lands, and pulling at any high altitude, you risk "landing" in some even worse terrain. Only if I was gliding down and had absolutely no viable field in site, then would I pull the handle.