I've heard this story before from Nick, but since it's out here....
Boring systems analysis:
To the big jet pilot: The E145 doesn't have the autobrake system
I can't remember the number, but the E145 has the Takeoff Inhibition logic (In the E145 systems book) blocks out the messages. I want to say it begins at V1-15, but I could be mistaken
One philosophy I heard was the Below 80 knots abort for anything vs. above 80 for fire/failure or anything that will keep it out of the sky was due to the low speed / high speed (speed = energy of course you knew that though) regime and potential for damage.
Truthfully, in old school airplanes, like the Jurrassic Classic, it's a great idea. Removing the size of the machine, and looking at the lack of SA during TO for decisions. We have lights all over the cockpit, annuciator lights that blink on and off, and No master warning/caution system of anysort (other than the FE, really). In that instance, you're barrelling down a runway, see an annunciator and have to stop, recognize what it says, interpret what it means, make a decision, all while you're accelerating to V1.
<groundschool instructor mode = on> So, the criteria for V1 is from the point takeoff power is SET to accelerate to the decision speed, have a failure AT V1, 3 second decision/action time to react and slow the beast. Of course the performance criteria is with test pilots in brand new equipment preparing for the maneuver. </off>
In newer jets, even the E145 (although at higher weights the inhibition logic may start later than I'd like. Honeywell must have assigned the JV squad to the Primus 1000 program....), have inhibition logic that makes me question the need for the above/below 80. If you go thru the inhibited messages (yes I did), the ones left over really are ones you should stop for.
IMHO, on a new-age glass jet, EICAS message = stop unless stopping would cause you to die. LGA on a snowy runway comes to mind. Otherwise, mash the crap out of the brakes, make sure the spoilers are up and stop the SOB.
In this situation:
Many saying call the REJECT on the radio were good, that should solve 99% of the scenarios in this case. Just human error leading to a bad chain.....
If the above was done, and the take off continued:
I am not one to vote for usurping the CA. Hell, I try to out apathy them for what leg to fly if they ask. However, in this instance, the CA was trying to kill everyone on the plane. This is one of the .0001% of the scenarios where you should grab the thrust levers, as soon as they go back up, and smash the brakes.
In light of that, after the T/O, the F/O shoulda asked "What the HELL was that? Let me fly the leg, cause we're done." Get to the destination, pack up your bag, get off the plane, and call pro-stands.
You will have ALOT of explaining to do, but rightly so. A CA screwed up so badly that you had to take over. If you were a CP, how'd you take that? Pretty surreal, and a once in an airline's existance type of deal.
I can say with confidence that these scenarios are so far at the end of the bell curve that this will prolly be the only time you hear of this in your career....