I preordered for in-store pickup for the iPhone 6+ launch and had a blast. They had two lines, one for the walk-ins, and one for the preorders. I was probably 9 or 10 in the preorder line, and it was like a little geek party. We all sat around showing our new cases that we ordered from Amazon, chatted, etc.
Some Apple store employees came through with a cooler of goodies, drinks, etc around 30 min prior (This was inside of a shopping mall in PHX). Then at opening, they all came out running in a line cheering and high-fiving everyone in line, then brought you in a few people at a time and someone helped you get paid up and activated.
I'd love to do it again if I could but only as preorder/guaranteed pickup. I'd rather be at the Apple Store opening for pickup than have to play UPS/Fedex roulette with the doorbell, or have to obsessively track why my phone went from China to Hong Kong, back to China, to Korea, then finally to Anchorage (yes, I was on THAT flight last year for the 7+ haha).