About 20 years ago a popular pediatrician in our town went back into his burning home to find his sixteen year old daughter who had fled, but was unaccounted for. He died trying to find her. (Lesson: make sure you have an assembly point.)
It made me think along the same lines as you. I cannot image how anyone could flee a burning house without his children, even if they were "merely" common law step children. I don't think I'm being macho saying that I would rather die, I just don't know how Mike can live with himself.
But then I always remember something my grandfather once told me. "Everyone dies someday but a man who follows his inner duty with courage will never have to spend his old age explaining away his actions." And its true.
I don't care to live in a world where the price of my life is my children, or any other children for that matter, charred like toast. I'd rather go out with my head up at least trying to do the right thing like the pediatrician in your story.