Actually, I have already tried it, and just like pen and paper role-playing, a lot of the enjoyment you get out of it depends on the DM. (and the other players, but I didn't have any problems with them so I'm not going to talk about that)
See, about a year ago I tried playing a LARP version of White Wolf's World of Darkness rpgs. I had a good time, but it would've been better if the DM had stopped to explain some of the lore to me and a few of the other new players. No, I'm not talking about Gehenna or the laws that vampires have to obey, those I worked out pretty quickly. I'm talking about characters, locations, artifacts and other things that my character, Malek (a Brujah from the crusader-era... yes this was just after I first played Assassin's Creed) would need to react to. For instance, at one point the DM introduced himself as a character (I can't remember the character's name), and struck a typical warrior pose. I, being a noob, didn't know anything about this character and the DM refused to describe him even after I pointed out that my character can't react to something like this in the world if I, the player, didn't know what it was. As it turned out (from what other players told me) the DM at that point was a 8-foot tall Norse warrior that had been kicking around for a few centuries. What really bothered me about this is that the DM even acknowledged that the World of Darkness books were pretty hard to get a hold of by this point.