I sometimes use a chute in the Skybolt, it glides about as good as a polished brick. Problem is that even if it has quick release canopy (i.e. pretty easy to get out of) my estimate is that I would need to be at around 2000 feet AGL in order to know that I would have ample time to make the decision, jettison the canopy, release the harness and get out.
An instructor I had was killed in Malta some years back when he collided with another airplane (lost the tail on his Yak). They were low, maybe 200 feet IIRC, and the other guy survived. A fraction of a second after the collision he (the other guy) initiated and trimmed for climb (he had lost the prop) and he was out on the wing even before airplane returned towards the water. The chute deployed just in time to reduce his fall to a point where he survived impact with the water. Later I heard that he had practiced the getting out procedure maybe a thousand times, I think he did it after EVERY flight a few times.
I think that for most planes in most scenarios it shouldn't be a problem to have a place to land within gliding distance if you're at a high enough altitude to make bailing out an option. That being said, I wouldn't mind a chute on the plane. How much one of those weigh?
Pilot emergency parachutes weight about 20 pounds per person. PEPs only work if you have recently practiced bail-out drills.
Ballistic Recovery Systems start at 79 pounds for a Cessna 172. BRS has much simpler procedures: get scared and pull red handle.
I would much rather land inside a BRS-equipped airplane in rough terrain.
But what have I learned after 6,000 skydives and zero tree landings?
FAA Master Parachute Rigger: Back, Seat and Chest