Mike,
I agree with your premise, not your conclusion.
When one problem happens, knowledge makes you familiar with the situation so you have the abilities to compensate. Especially when time allows you to think, and respond. When several problems potentially catastrophic problems happen at the same time, or in rapid succession, knowledge is not enough. If you get slapped in the face, you know to defend yourself, but the sharp pain staggers your mind. You're in shock. Before you can respond to the first attack, you then get kicked in the shins. In a short time you're down. Airline pilots have the knowledge of flying a plane, and how it's parts work, but they should be going through simulations of flying problems on a regular basis to develop the
reaction skills which are needed.
If I may use efalstrem's situation as an example.
The boat is started, and placed into gear. It suddenly goes into wide open throttle position. You are in an small space filled with boats of all sizes. People are around and you must avoid collision. As you do so you are coldly, suddenly, rudely thrown into one catastrophic situation after another. All that was needed was to shut off the boat, but the hecticness of the situation aborts rational thinking. efalstrem is just being human. The only knowledge which would have applied in that situation is the knowledge of having been in that situation before. I don't believe that is the knowledge you were referring to.
Just to make certain I am understood. This is not an attack against you. Please understand that.

I agree with everything thing you said, except the conclusion. We should all be as knowledgeable about our boats as you suggest, but sh*t happens

We do the best we can, and hope for the best, or pray

Maybe both at the same time
I am not wishing this on efalstrem, but if the situation happens again, I bet efalstrem will be be better prepared because of the knowledge of having gone through it before. What's the saying? If it does not kill me, I am stronger for having gone through it.
Let us all be more aware of the mechanic's of our Mac's.
Ray