That's not to say that I hope to ever have one pointed at me.
Not to mention how much harder it is to shoot something moving, compared to something that isn't.
http://en.wikipedia.org/wiki/Tueller_Drill
This being said, the US has a very high murder rate (triple its contemporaries) with the bulk of them done by handgun. It seems that it's not that easy after all to escape...
... and this is part of the problem with the gun debate on both sides - there's so much emotive argument on hypothetical situations, and very little examination of what actually happens in the world out there.
One example is "if mugged, would you rather knife or gun?", but that question doesn't allow for my answer "I'd rather have better social programmes so the chances of being mugged in the first place are lower".
A hammer or steel bar, on the other hand, is not immediately threatening because for the most part they aren't used to harm people.
I was walking behind a guy this weekend and noticed a Glock sticking out of the back of his pants. It's a little unnerving that one would just stroll around with a weapon that can do so much damage, so easily, in such a casual way.
As a Canadian living in the US, I don't think I will ever get used to the sight of casually toting around guns on the street - particularly when it's just tucked into your waistband.
To be fair though, there are holsters that go inside the pants hiding the gun and leaving only the handle sticking out.
EDIT: I'm not denying that you saw that guy with the glock, but your last sentence makes it sound like it's a common occurrence in the States, and it really isn't.
Remember that you are dealing more likely than not with a psychopath; it's as psychologically easy for them to knife you as to shoot you. The issue is that a gun is technically harder to use than a knife. Even at 10 feet, trained marksmen regularly miss moving targets.
"I slashed people, rifle-butted them. I was punching and kicking. It was either me or them. It didn't seem real. Anybody can pull a trigger from a distance, but we got up close and personal."
20 insurgents killed at knife point with zero British killed.