I've waited in line three times for game related things. The first time I camped out in front of our local GameStop for an Xbox 360 Elite. Now they weren't doing a midnight thing, since they only had two, but I was there camping with one other woman who was geting one for her husband's birthday. I was there with her probably from 11PM or 12 AM to when they opened at 10AM.

My next experience was for GTAIV. I got there around 7PM after work and just camped out until midnight... sadly, no one really showed up until 10:30 or 11... whatever. I got a free strategy guide out of it so... it was worth it.

Lastly was the midnight release of MGS4, in which I waited around at Wal-Mart so I can get the PS3 bundle.  It was fun.