Electrical Fires! Oh no!

So I know at least I have, on several occasions, smelled something funny in the cockpit and panicked over the possibility of an electrical fire. Upon reading the "Electrical Fires Safety Brief" I feel like  part of me is a little less concerned about electrical fires. Before reading the article I thought electrical fires happened all the time and we always had to be on our toes about them, now I realizes they are very rare. As far as I understand, and I may be wrong, electrical fires occur due to short circuits, or basically arcing of current where it should not be. The electrical current flows in a circular pattern, from the battery to the switch, through the wiring, and to the electrical components, then right back to the battery. A short circuit messes with this happy flow and will cause a fire.  However, circuit breakers are designed to keep this from happening and apparently they are pretty darned effective.  Still, it doesn't hurt to be prepared. The Piper Seminole emergency procedures instruct us to turn off battery master and alternator before everything else, but otherwise it compares pretty closely to the procedures dictated in the safety brief.  Of course, in all situations, no matter what, it is most important to fly the airplane first, and I do think it is appropriate to fly the airplane first as the safety briefing states, especially if you are within, say one thousand feet of the ground and spending time concentrating on checklists could interfere with your ability to not crash the airplane into the ground.  I think it's most important to be able to utilize any resources you have in this sort of situation, particularly any other people in the airplane who could run check lists while you fly the plane. But if I was on a solo flight and got caught up in an electrical flaming mess, I would shut off all the electrical components as quickly as I could and then concentrate on getting the airplane onto the ground.  I would only worry about checklists if it seemed like I had plenty of extra time to go through them.