I have taken several shots with the camera hanging from my neck on my chest (almost at hip level). In other cases, I was on my knees and I tries to get the camera sitting on the ground. In another situation, the camera was above the beach sand and shooting at an incoming wave. In each case, I was trying to get the camera as low as possible, holding it somehow like hip shooting.
My experience was:
* the keeper rate is low (less than 50%)
* the top LCD of the K-7 is a great help
* I tend to prefer to shot MF and have the better keeper rate with MF.
* In dynamic situations, outdor, I use Hi continuous shooting.
An example is below, where the camera body was barely above the water surface with a breaking wave incoming towards the camera:
Hope that the experience might be of interest. It is not hip shooting but there are some similarities... I was above the camera in each case.