You get respect from old people, some store owners, and perhaps a few small favors from real cops (when they aren't annoyed or laughing at you for being a buff). The bad thing is that you'll be put in some very bad places with little more than security guard gear. Real criminals know that you can't really do anything, so they will give you a rough(or rougher) time than even a regular citizen.
Just some thoughts from a guy that knew LOTS of them growing up.