Toyota has released some advice re what to do in their vehicles if the accelerator pedal becomes stuck:
• If you need to stop immediately, the vehicle can be controlled by stepping on the brake pedal with both feet using firm and steady pressure. Do not pump the brake pedal as it will deplete the vacuum utilized for the power brake assist.
• Shift the transmission gear selector to the Neutral (N) position and use the brakes to make a controlled stop at the side of the road and turn off the engine.
• If unable to put the vehicle in Neutral, turn the engine OFF. This will not cause loss of steering or braking control, but the power assist to these systems will be lost.
• If the vehicle is equipped with an Engine Start/Stop button, firmly and steadily push the button for at least three seconds to turn off the engine. Do NOT tap the Engine Start/Stop button.
• If the vehicle is equipped with a conventional key-ignition, turn the ignition key to the ACC position to turn off the engine. Do NOT remove the key from the ignition as this will lock the steering wheel.
Another excellent source of advice is an article at Car and Driver about coping with unintended acceleration.
Via Reddit, where there is an informed discussion thread.
Putting the car into neutral is a purely mechanical action that decouples the engine from the wheels in either a manual or automatic transmission. Gear to neutral, then brake as normal. Fine, it will sound horrendous until you stop, but so what? It's unlikely to do much damage to the engine if you bring it to a stop inside a minute; and it's certainly better than crashing.
Cars can be lethal; people who aren't competent to drive shouldn't be allowed to do so, for the safety of others. (Think pedestrians and cyclists, nevermind other car drivers.)
In the event the equipment doesn't work, Pilots are supposed to have hours upon hours of ER training and PRACTICE to be able to handle that...I doubt most are taught what to do in situations like this in driver's ed.
Even if you are experienced, it means little if the computer doesn't respond. Some cars won't even LET you turn off the engine while the car is in gear as a failsafe. Neutral might work but there is something fundamentally wrong with the car's computer if the accelerator is out of control. As was said, some cases have reported neutral not working.
Bottom line is it comes down to knowing your car. If your car has anti-lock brakes, if it will allow you to turn it off in gear etc. However, you never know if you'll be in heavy traffic or open road. So blaming the driver is not only incompassionate, but presumptive when you don't know everything he did to stop the car. In this case, he had little time before an intersection.
Most disturbing to me is how Toyota has simply tried to PR over the problem instead of just recalling everything and stopping sales. But no-they want to continue to sell unsafe cars to the public. Lamely blaming it on floor mats, the shape of the pedal, and making commercials claiming the problem is fixed when they don't even know what it is. "We can find no evidence of electronic malfunction". Unless the cars run like trolleys, it's obviously electronic. Toyota will never have my business...not just b/c of this issue, but how they've treated the public like dumbasses.