Broken pipe simply means that the connection has failed. It is reasonable to assume that this is unrecoverable, and to then perform any required cleanup actions (closing connections, etc). I don't believe that you would ever see this simply due to the connection not yet being complete.
If you are using non-blocking mode then the SocketChannel.connect method will return false, and you will need to use the isConnectionPending and finishConnect methods to insure that the connection is complete. I would generally code based upon the expectation that things will work, and then catch exceptions to detect failure, rather than relying on frequent calls to "isConnected".