I buzz my hair on a pretty regular basis. I'm not going bald but my hair is very thin and limp and thus hard to style. Which is why I cut it short. I think I have the head shape for it and can pull it off.
Some look better when they do go short. Justin Timberlake is one example. When he buzzed his hair it made him look older, more grown up:
Now I'm not really a fan of his but I think he's able to make it look cool and not dorky. I know I've seen guys who do it and it looks terrible on them (a friend of mine started doing it after he started to go bald, but he had kind of a pointy head so the look doesn't really him). Again, it all comes down to head shape.
It can even help fill out your face if you have a narrow chin. Such as Ryan Gosling:
Ewan McGregor is an example of someone who has the right head shape for a buzz cut:
The trick for me is to not do it too short. I think some guys do it for the first time and do it without a guard and on the lowest setting making them look like Cancer patients.