[ QUOTE ]
An in-flight shutdown in a SE airplane is not simulating an emergency, it's creating an
actual emergency. Although I do basically the same procedure, but with the throttle at idle. I even like to use a short grass strip for effect.
[/ QUOTE ]
In my opinion pulling the mixture to demonstrate what an actual engine failure looks and sounds like, is a valuable lesson. My CFI for PPL was an old salt and turned of the fuel selector for my first emergency approach. He taught power off landings and nothing else.
If it is done with plenty of altitude, it isn't an emergency. Two of the three requirements for the engine are still there. The pistons are still moving, and the mags are still sparking. Once you reintroduce fuel, the engine will start producing power again everytime.
The only possiblity that this could go arwy is the fuel selector handle breaking off (you do carry a pair of pliers in your flight bag, don't you?).
When I flew skydivers my fuel lines would often run dry durring descent due to the configuration of the tanks. I got very good at power off landings, and today I have complete confidence that I can land safely in the event of an engine failure. Occasionly I would have to wait on the runway untill fuel had refilled the carb so I could taxi to the pumps

.
I would never try this at low altitude (ESF I think I know who you are talking about), nor in any area that didn't have plenty of good landing feilds.
However I respect the differing opinons on this issue. I found it very valuable, but some people think differently.
On the other hand, full emergency approaces to touchdown with the engine
idleing shoud be a requirement prior to solo. I have met several CFIs that haven't done this.