Well, Yiannis, that is quite a story. It is clear that you presence of mind and very quick action saved you and your friend (and also your aircraft) on that fateful day. And God ordered it so that you did not land on (or in) anything nasty or harmful: once the rocket has fired, you have no say where you touch down.
When I finish building my Savannah it will not get airborne until it is fitted with a ballistic parachute. One day, while flight training, my instructor was very sad and told me that another flight instructor -a good friend- had lost her life due to a mid-air collision. I have seen the way some pilots operate and I believe that this is the most likely reason why I would have to employ the ballistic parachute: a mid-air collision. See: Two dead in Feilding plane collision
There are two reasons to fit the parachute: to save my own skin (potentially) and to keep my wife happy.