It is awesome how my 5-month-old son instinctively stands stiff and still when I do this. The reaction I get from most mothers who aren't used to it is equally awesome. All three of my children have had this experience before their 6 month of life, and NO, I haven't dropped any of them. My wife is fine with it except when I do it with other people's babies.
By the way, my wife put chocolate on my shirt, that is why it has a wet spot. Things like that bug me in my pictures. I almost changed my shirt and had her take another one, but I am trying not to be such a perfectionist. Although as I write this I realize that it is only enabling my perfectionist tendencies...oh well.