I sail with my kilt on. It's how I met the missus.
While I strongly encourage MOB (or COB, if you prefer) practice, I would leaven this with inculcating among your crew (and oneself) a strong culture of "staying on the damn boat" via the use of tethers, strong lifelines, proper footwear, one hand for the boat, etc.
My last blog entry, made some 10 hours ago, coincidentally expands on this, and includes in part what I wrote in the other thread on COB: The World Encompassed: The realities of self-rescue on a sailboat
I have read a number of accounts of MOB situations on (and off) sailboats, and propshaft wraps in cast-off lines is a recurring theme. It occurs to me that it is actually easier to heave-to with sails "in front" of a deboated crew (and to drift down on them as they relax in your lee), than to actively maneuver a sailboat under power while trying to throw the wrong kind of line (the non-floating kind). A hove-to boat is "self-tending", meaning you have two arms available for helping the unexpectedly wet crew back aboard.
Take it as a given that none of this will happen in six-inch seas and eight knots of wind.
Even so, sailing with one's family on a summer's day and suddenly chucking a hat overboard and shouting "MAN OVERBOARD!" is a good drill I recommend. Bring a stopwatch.