schmevil | neighborhood watch or similar organizations?

So for a variety of reasons I'm looking into the possibility of starting a neighborhood watch group in my community. Does anyone have positive/negative experiences with such groups?

I'm not married to a police-community alliance, or a traditional watch program, so alternative suggestions are welcome. The chief problem my community is facing is violent crime. We've also had problems with harassment, bored youth and racial profiling. My community is ethnically, and religiously diverse, and there's been conflict along those lines (neighbor to neighbor cold wars and gang violence) in the past, although it's not as serious now.

Anyway, if you have any suggestions for me (reading, research tips, experiences), please do share.