TFaudree_ERAU
Mashin' dem buttons
(b) The pilot in command of a civil aircraft is responsible for determining whether that aircraft is in condition for safe flight. The pilot in command shall discontinue the flight when unairworthy mechanical, electrical, or structural conditions occur.
So you have a way of knowing that the red beacon on the belly of the aircraft burned out in the middle of the flight? I sure as hell don't.
What is your procedure after encountering a defect. Do you write it yourself, and abide by the MEL, or just let dispatch know and have it fixed when convenient to the company?
Regardless of the size of the company, there is no fixing it "when convenient to the company". Either the aircraft can be dispatched under the MEL, or it can't. If it can't, the airplane doesn't move until the problem is fixed. If the company has an MEL, then they expect the flight crew use it to the fullest extent possible while still operating legally.
Now as to what REALLY happens, I can't say.