I get midnight launches pretty often. I picked up Homefront at midnight, and before that, Bulletstorm.
I get off work at 11 pm, and if my gamestop is doing a midnight for a game I preordered, I figure why not, saves me the trip out the next day.
Usually they are nonevents -- just stand in line, get your game, go home. No real festivities or insanity about it.
meh.