I think Stuart makes some good points, and it is possible in some markets to sell by yourself, other markets I believe you have to use a licenced broker.

An agent can give you greater marketing power, can screen timewasters and knows the laws, and obviously is more attuned to dealing with potential criminals.

The market has changed with the internet players, but really it is in its infancy in some markets. Some studies were actually done in the US with people selling themselves or via an agent. From what I recall selling via an agent actually increases the end price you sell at, over and above what the agent costs, so using an agent actually pays, and leaves the seller with more money in the pocket. (this may change post credit crunch, it was about 2 years ago I read this)

It is interesting as it is psychological buying/selling.

People should go ahead if they are comfortable to do it, but beware who you let into your front door. And Ps. do you have the time to do it?
Like all business it is possible to DIY everything, but sometimes it is better to use a professional. Be it an estate agent or auctioneer. If you go the DIY route, the first one, two or three are the hardest, remember you will alienate probably 90% of the market via DIY sales, but it could be an extra avenue to sell.

Good luck to those who try, and screen the people you let in your homes, trust your instincts on people. (and work within the law)

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