I've gotten some pretty good deals through an ad like this. I offer more than $2 a game usually, but I don't list any prices in my ad. It's free to list so there's nothing to lose except time looking at lists and pics of people's junk. A lot of people get indignant and rude when I don't offer them ebay prices or pass on their lot of sports games, but I've been able to work out some deals I was really satisfied with. I should probably run another one soon. I just haven't felt like dealing with all the people emailing and texting me all the time so I've taken a break from it. People will sell good stuff at reasonable prices when they need money fast.
I know a friend who has also had success doing this. I tend to say "why bother?" because there are so many ads for people who want to buy stuff, but maybe it's worth a shot. Like you said, the ad is free and the worst thing that could happen is no one offers you anything......... well the worth thing that could happen, is that someone murders you when you go to meet them. But other than that, the worst thing that could happen is no one offers you anything.
Someone could also rob you, but this can happen anytime you go outside. I tried to differentiate my ad from some of the others out there by including pictures of all the systems I would take. Some grandmothers out there with a treasure trove of Nintendo might not have any idea what that is, but a picture can help. I also posted my ad in several different sections such as toys and electronics. Again, it's like going to goodwill or yard sales or anything else. You don't always find good stuff and sometimes you might run into some jerks, but nothing ventured nothing gained. Over time though, odds are something good will come your way. The longer you run your ads, the better your chances of catching something good.
I ran my ad after reading about a few nice pick ups from people on Nintendoage acquired from a response to a similar ad. One of them said in their post that if you've not tried one of these ads that you're missing out. While true, it's like any kind of game hunting. There's still work involved. You have to take the time to look for stuff. If you wanted to take it a step further you could post flyers up by stop lights at busy intersections or at the market,. A lot of grandmas don't use craigslist so you might catch the attention of someone sitting on some game treasures. You could probably even find some kids to pass flyers out door to door for you out in a neighborhood. This might shake out some Nintendos that people have been sitting on. Not everyone likes to throw garage sales. Some people hoard and sit on their stuff or their children's stuff their whole lives.
Making the ad short and sweet helps too. Cash for games along with list/pictures of the games you'll take, please send a list of what you have, you will receive an offer in a few hours. Be prepared for indignant jerks that want you to buy their PS2 with shitty sports disc only games for $100 and just wait for something good to come along. Good luck!