At the airline level, we are regularly in training. I'm in the simulator every 4 months. During these two day sessions, we practice all sorts of emergencies. Our simulators can reproduce over 400 types of emergencies or malfunctions. We are constantly being tested and evaluated on our skills.
There are very few things that require an instant response. It is far better to take a second or three, evaluate the situation and make the proper decision than to rush into an action that may make things worse.
Prior to each trip, the crew usually reviews the major "memory items" such as rejected takeoffs, and engine failures on departure. Myself, every time I line up on the runway, I do an additional review.