Not trying to be disagreeable here, but I disagree.
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Well, S-Turns are invaluable if you should ever need to make an immediate emergency landing, and the only sutibale field is nearly right below you.
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Can you explain? The S-Turns we're referring to are S-Turns over a road. Basically "half a turn around a point" on alternating sides of the road. Its a wind-correction and division-of-attention maneuver. It has nothing to do with losing altitude or helping spacing. The S-Turns I think you are referring to are just turning left and right to bleed off altitude or help with spacing either on final approach, or during a simulated engine-out to a field.
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or when the tower instructs you to do a 360 degree turn on the downwind to create more space between you and another aircraft.
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When the tower instructs you to do a 360, they expect you to fly around in a circle, 360 degrees. Not turn around a point. Big difference.