It's certainly possible...I can only speak from experience:
When the 3G came out I considered going out way WAY early, but then decided I would just drive by at around 7, on my way to work, see how bad the line was.
There were around 15 people ahead of me only. Had they not had issues getting their stock in, followed by the issues with itunes activation, I would have been in and out in an hour. Instead I was there from 7AM till around noon. Really not so bad. People who were ahead of me in line said they'd gotten there around 4:30.
Honestly, if I had it to do over again I'd probably havej ust waited. All those hours standing there (I mean its fun to chat with other geeks, but thats a long wait without a bathroom) to get mine on day 1...but 2 days later I went to the apple store at the mall and got my wife one with no wait at all.
If all depends on how important it is to YOU to have a phone on day 1. Also keep in mind that if you're not one of the first few, there's a decent chance you may not get the size you want - when I was there for the 3G they only had a handful of 16GB phones, and they were long gone by the time I got into the store (fortunately, I came in wanting an 8 anyway).
Best of luck with whatever you decide!
