I tought in a Cirrus for many years, although I got out just when they were starting their UND "Cirrus Approved" instructor thing. The general consensus was that a power off landing was absolutely preferrable to pulling the chute, unless you are over extremely inhospitable or unknowable terrain (IMC, etc).
I think this is changing, albeit only very recently. Hopefully a CSIP can chime in.
When I checked out in our SR-20 there were two basic scenarios for a chute pull: Structural or flight control failure (ie, from a mid-air or something breaking on the airplane) and, possibly, loss of control (a spin, disorientation in IMC, etc...)
My, and my instructor's, thoughts at the time were exactly as ackattacker said: That it was better to try an off-airport landing if you lost the engine than it was to pull the chute.
I was just down at a SimTrain facility in Atlanta to help evaluate their Cirrus simulator and one of the instructors there mentioned the recommendation was that pulling the chute was preferred to an off-airport landing. The thinking being it is better to hit more or less straight down at 30 knots than to hit moving forward at 60 or 70. (Significantly less energy involved.)
My takeaway from our conversation was that if something bad happens to the airplane (engine failure, it starts flying weird, you get covered in ice, etc...), pull the chute while you still have time and let the insurance company deal with it. That's a big leap from my initial training in the thing.
How much of that was driven by lawyers and how much by engineering I don't know, but this guy was very, very sharp. Ex-marine fighter pilot, corporate jock, etc... so if he thought it was BS I think he would have said so.
We didn't go through a full recurrent training program so we didn't get into the subject in depth. I'll probably head up to Duluth to go through the CSIP thing in a couple of months so it'll be interesting to get the 'official' word on it.
We practiced some chute pulls in the course of checking out the sim and it was surprising how difficult it was to make yourself pull the handle, even in the sim. The basic idea goes against all of my previous training, which is to never, ever, stop flying the airplane.
The most interesting thing about the chute pull was that not much happens for about three seconds. You pull the handle and sit there wondering if the thing worked. Then the chute inflates and you get knocked around a bit then it's all nice and calm. It's only a couple of seconds but it seems like a long, long time.
Apparently a couple of folks who had pulled the chute in the real airplane did it later in the sim and said it was almost exactly the same.