Depends on the amount....And I've thought about the same type of thing.....Like others have said, Using an escrow service seems to be the safest Idea, to me. I won't use paypal, for something like a pin unless I really know the person.
Not sure how often it actually happens or the details on how....But I had a friend sell a Rolex using paypal, somehow the person pulled the money back. He was out, the watch, the money, and was sent to collections since it the put his account in the negative. I don't believe he has used paypal since. Again, not sure of the details of how it happened or how often it happens.