I've done it once before, and it's an idea I've been toying with for a while. Last time, I was apparently convincing enough that some of my friends didn't recognise me. I'm not large-chested, so it was fairly easy for me to bind my chest convincingly (the bandages kept slipping, though, which was annoying). I painted a beard on, too.
Obviously that was a fairly amateur effort, but I do want to start doing it properly.
(try and ignore how god-awful my hair looks there - I'd just that day had it butchered at the hairdressers. ¬_¬ )