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I agree that there's no need to fly a 4-mile downwind to a 4-mile final. However, the whole "Always be in a position to land" thing is...well, to open myself up to the flames of the purists, silly.
You can't always be in a position to land on the runway. I don't care how you twist it, it's impossible. If that's your logic, I can only support it 100% if you climb to 10,000 circleing above the airport, and then you plan your route in such a way as to always be within gliding distance of a runway.
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The idea isn't to always be within gliding distance of a runway when you're flying.
If you're in a traffic pattern with the intention to land, then you have a beautiful runway right there and you'd probably be laughed at if you missed it because your engine died and your pattern was to far away to make it.
Not to mention it keeps you in practice for the busier airports when the tower tells you to keep it in close and expects you to stand your 152 on a wing to land ahead of a 757.