I have exchanged BTC in person a few times. It has always gone very well and the other party has always been very professional and polite. I have, however, only ever been the seller and have only ever accepted cash as a form of payment.

If you ever decide to exchange f2f, I strongly recommend meeting at a restaurant - or cafe - to avoid a VERY awkward 30 minutes while the transaction confirms (learned that the hard way). Also, only use cash or instantly claimable gift cards (like Amazon or Itunes) to avoid charge-backs.

Other than that, f2f exchanges are a great way to get your cash or BTC immediately - just be careful and always meet in a comfortable public place.