So what I'm gathering from what everyone is saying here is that when the engine quits, and you are only a few knots from stall, raise the flaps, increase back pressure and all will be o.k.?
Arbitrary numbers here. Lets say that you are on approach with full flaps and an AoA of 10 deg. The airplane you are flying has a critical angle of attack of 12 deg. About a mile from the runway, the engine quits, and you are already only 2 deg from a stall. Now we decide to de-stabalize the approach because the engine quit and decided to raise the flaps....
IIRC, flaps do not necessarly change the AoA, they change the chamber of the wing, makeing the airplane think it has a different airfoil than it realy does, which may or may not have an affect on the AoA.
I want everyone to think of 3407, and what may have caused that airplane to go down. They were on approach, picking up ice. They added flaps, and let their airspeed get low (think of it as a sim engine failure for our purpose), then, the flaps were raised and they continued to pull, exceded the critical AoA, and crashed. Do you see my point. The last thing I want to do when the airplane is low and slow is to re-configure the airplane and increase my AoA beyond the critical point, putting myself into a stall when I am only a few hundred feet from the ground. I think I am finally begning to understand the reasoning behind raising the flaps when the engine quits, but I still disagree with doing it because I see a big red flag that tells me to keep flying the airplane exactly as I just was. I would rather no make the runway, and come up short at a few knots abouve stall speed, than raise my flaps, pitch up to maintain my AoA when the flaps were raised and stall from 200-400 feet up and hit the ground at 1000fpm.
As for speed no being a factor,wwwuuuuhhhhh?

Airspeed is life, and altitude is life insurance. When you have as much as a 10kt difference in stall speed between full flaps and 0 flaps, I think that speed is the most critical part of this whole situation. I will try this again in a 172N today, and see if I can make it work. Last time, I tried to maintain speed exactly what it was when I "simulated" an engine failure. Today, I will try to just make the runway since some seem to think speed is not an issue. And I know this much, that when I pull to make the runway, I will loose airspeed and ground speed. I just hope that I make the runway the raiseing the flaps method.