I pretty comfortable with heaving to most of the time, although in a Colorado storm with the wind clocking I've found that I almost need to push out the main or the boat will spin and start sailing again.
The problem I had this last weekend was being in sudden strong winds where we double-reefed and took down the jib. We didn't have a big need to heave-to but neither of us (the other person on-board has much more experience) knew how to heave-to with that set-up. Since it's a club boat it only carries one jib and I'm not sure I want to buy a storm sail. I may try a "Rodstop" next time out and lash the boom to a shroud...........