i am with Pat, use the time before you call time out to your advantage...short or long, study the D, set something up, get calm, whatever the reason, lots of time or no time, use it for you...I think this should be the rule for all time outs
i will say it like this...
always use time outs for you or negatively stated, never take timeouts for the other player...i don't believe in trying to get into someones head with a time out because you don't can't be sure it always works to your advantage...that extra time may be exactly what the opposition needs. You don't know and you can't control how they respond. This is why
you always want to take time outs when it is a benefit to you. In addition there are too many other critical times where
you need time outs (or should need if you know enough

)
watch Fred, he is the master of time outs in my opinion- no one before or since uses TO's more consistantly...he takes time outs in important situations, normally (90%+) on the 3 rod but i have seen him call one on the 5 before if he needed it
Fred takes time outs at really important times...you are up 2 to 1 and you get the ball on your 3...if you score, it is 3 to 1, if you are blocked and they score it is 2 to 2...big big big difference - also, Fred takes a TO on game ball...Fred usually uses one early, in an important score 2-1 3-2 (up or down in either score but in Fred's case it is usually up

) and likes to keep that last one for game ball
however, Fred will take one as needed if something else is happening where it benefits him
when playing with Todd, Todd, when playing goalie, will nearly never take a time out for strategic purposes, none that come to mind although i am certain it happens now and again, but he will 100% of the time, take this to the bank, take a time out if he whiffs on a shot in back...he says once you whiff, nothing good can come from going forward - i have tested this theory with many people over the last few years and it is solid - never continue in goal after a whiff - or in the context of TO's, always call a time out if you are in goal and you whiff/mis-hit a shot - why?
because it benefits you!i think Todd leaves the time outs to the forward and doesn't like taking them in goal (but Todd will take them as a forward so it isn't because he is a player who never calls them) but he knows after a whiff, you grudgingly use it
when the goalie takes the time out, it shorts, so to speak, the forward of one of the important game management time outs but it is better than making a rookie blunder by trying to make up for your whiff
anyway, besides crucial scores, there are other other reasons druing the flow of a game to take time outs but for now, to come full circle, the principle for deciding is
time outs should always be taken to benefit YOU and never to try and get in the head of the opposition