Yes, three times (including my current position). It worked out fine -- no better and no worse than going through the standard process.

If a company is courting you directly, they very likely already know more about you than an interview will reveal to them anyway.

For me, the big difference is that I don't know them as well and without an interview, I am missing a large opportunity to gauge how well I would fit into the company. So it means I have to do a bit more research than usual.