Finally, one can also make a case for one engine being more reliable than two engines. With the same failure rate per engine, two engines = twice as many failure per unit service time. While having two engines gives the aircraft limp home power with some failure modes, others will render the aircraft inoperable even if it originated from only one of two engines -- a runaway fire, blade out damaging the adjacent engine or fuel tanks, etc. Basically, any kind of engine failure that renders a singe engined aircraft unglidable also renders the two engine safety net moot. A larger engine is more resistant to certain events like bird ingestion.

I totally agree with the increased reliability with a single engine but you do sacrifice the redundancy you get with two engines. At least a twin engined aircraft that has lost an engine can limp back and be used another day (if nothing else major has packed in).