I don't think I've been to a midnight launch or midnight showing or midnight anything before.
Sounds like it could be fun, maybe I should do at least one in my life, but to me it seems more worth it to get a good night's sleep, then get it first thing in the morning. Perceived time would still be the same (unless I can't sleep from excitement), so to me it's not any sooner, and whatever it is I'd be getting I could use all day without being concerned that I should probably get some sleep.
Though I guess it depends on if the point of camping out for a midnight release is just to get it ASAP, or if it's to bask in the excitement of its release with other fans and make new friends with a similar interest.
I don't understand why the "midnight releases" or "midnight showings" I've seen are at 12:01. If you're surrounded by rabid fans who obviously don't want to wait, why not open at 12:00? When midnight hits, it's already the next day...