Thanks everyone for your responses so far. It's interesting to hear about your individual styles, what works and what sometimes doesn't.
@Gofour3: Good advice. I'll certainly make sure to do some research.
@Irek J: Great photo. If you have any more make sure to keep posting them.
@Hanamai: I watched the video and found it extremely intriguing. So intriguing I decided to go out and try it today. Finding the right spot, with good lighting, and consistent flow of people proved difficult at first, but it didn't take long to muster up the confidence and set up on a somewhat busy street. I still haven't decided if the photos were actually really that great, I'll let the people of this thread decide that when I post some here in a few hours. None the less, I had a great time, and met some friendly, nice people. Most of them weren't overly interested, but nobody was rude about it. Certainly something I'd consider trying again.
Once again, thanks a lot everyone. Please post your photos/flickr links of any street photography. I've been going out constantly with my Pentax trying all of your techniques and I'm having a great time. Keep posting