That swerve/stop scenario is very instructive.
However it looks like if you are going above 40 mph in that scenario, it's a moot point, you are still going to go splat whether you swerve or panic stop.
How many of us really stick to the speed limit? I usually just stay in the right lane and keep up with traffic, but I'm still usually somewhat above the speed limit, even if it's only by 5 mph.
It seems to me that if you start a panic stop, and you see you are not going to stop in time, your only option is to let off the brakes and swerve towards a place that will do the least amount of damage.
Given the choice of splatting into the side of a vehicle, and low/high siding on a grassy median, I think I'd have a better chance on a median.