I have a 78 Turbo Arrow with a functioning auto-extend system. It works as advertised. I have the override engaged for take-off and landing as I am not a fan of uncommanded configuration changes, particularly so if dealing with a power loss close to the ground. Opinions vary on this one but that's my choice. A nice benefit is the bright flashing yellow light down by the gear switch - it calls your attention to the gear should some distraction result in a failure to lower the gear for landing. Once in a cruise climb condition I deselect the override.
I have a '78 Lance with the auto gear extension still installed. I overide it for takeoff to avoid surprises as to when the gear will retract. I release the overide in cruise and leave it that way for the rest of the flight (particularly the landing phase since that is when I would want the gear to extend if I pull a bone head and forget it). Mine extends at just below 90 KTS. I think the speed that it extends at is adjustable, so yours may be different. When I got my plane the CFI took me up to do some slow flight and stalls to see when the gear extends and to get a feel for how the plane would handle with the configuration change at those speeds. It was a worth while exercise.
If the system is adjusted properly you really do not have to over ride it for too many reasons. Your gear should retract after rotation unless you have an unusually high angle of attack or are real heavy to possibly a touch over gross... or taking off at an unusually high density altitude. You want to over ride the system if you are going to do any slow flight or stalls. If you are high and heavy and still climbing, you might want to over ride above 8 - 10K as it may deploy in a high climb.
What would the gear behavior be in the case of an engine failure during a missed approach, balked landing, or takeoff? As advertised - the system works. The question comes down to whether or not you want to figure out how to get the gear back up in the midst of a no kidding malfunction while all the time the extended gear is dragging you earthward that much more quickly.
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