The "Why Italy?" thread got me thinking, and reminded me of an incident last year.
I live in Switzerland, considered one of the safer places in Europe. People walk around wearing expensive watches and jewelery all of the time. I live in a large town / small city which has doubled in population in the last 20 years (currently 38k inhabitants).
I would not say there are any "bad" areas. There is no gang violence like in Vevey, Lausanne or Geneva. Maybe the train station here qualifies as it is the local hangout for drug dealers, their clients, etc. Police are often present recently.
However, last summer, my brother and I went walking around taking some photos, I had my D90 with the battery grip.
We stopped at a local tiny supermarket to get a bottle of water in what is considered a good part of town. As I was about to start to take a drink, my brother shouts at me to watch out. I stopped and look around to see someone walking straight at me, eyes fixed on my camera. He was not 20 meters away, I retreated around the corner of the building with my brother. The guy likely though better than to try to take on two people for a camera (little did he know the worth, to the uninitiated it likely looks like a big, expensive piece of kit, when in reality it is worth maybe 200 bottle caps at most).
I have since been reading that incidents of on-the-street scams and overly agressive beggars (thieves) are increasing in the larger cities (Züric, Bern, Lausanne). So, indeed not everywhere is safe, and one should always keep their wits about them no matter where they are, and not matter what time of the day.