I assume the cirrus is designed to not seriously injure the occupants or catch on fire due to a parachute landing, although the airframe is typically destroyed IIRC. It's gonna be rough, but you know about how rough. Deadstick has a lot of variables. I admit I would be more inclined to deadstick it but that's probably just a control thing on my part (as an ex-military jumper, I cringe at the thought of going single-point safe on the main with no reserve)
Typical descent rate under a round canopy is in the target range of about 22 fps, which is 1300 fpm at impact. For those of us that have done PLF's under round canopies in that descent rate range, it's doable, but also has a high potential for injury. Adding to it the propensity for pendulous action under a round canopy (they tend to "breathe" and spill air), and the impact can be significant. The occupants are seated...but remembering that the flight manual states that deploying the parachute will destroy the aircraft, it ought not be the first choice.
Given a perfectly flyable aircraft, going to the parachute, a distant last choice, is a really foolish act. Did the pilot never make an off-field landing before? Would that be the fault of his instructor, or his own? One's first off-field landing ought not be solo.
The Cirrus was never tested to a landing with occupants under canopy, during certification. Cirrus left that to the customer. A number of the early deployments failed. Many of the deployments to date have been pilots in places they had no business being (over the Canadian rockies at night in a thunderstorm, etc). The airplane is the new Bonanza or 210...attracting customers with more dollars than sense, who see the parachute as making up for good judgement or skill.
An oil pressure indication in a perfectly flyable aircraft...and one throws everything out the window, discards all options and the advantages of controlled flight, for the easy out, a parachute ride.
I have had my fair share of parachute rides, including several reserve rides. I don't know that given an errant instrument indication I'd opt to throw away the airplane and all caution to the wind by deploying a parachute.