I would wait in a long line for a new store opening if they had something I really wanted. I wouldn't do it for any other reason, unless someone was paying me to wait. If they have something great that is hard to find then I would surely do it.
No, I would never wait in line for hours for the grand opening of a retail store. They are going to be open probably every day after the grand opening so I see no reason to stand in line that long when I can come back in a couple days with no people rushing and just enjoy my time there.
Even if one of my most favorite stores were too open a new location right near me with a huge sale, I still wouldn't go outside and wait for it in line with people who are just as anxious as I'd be. I think it's a waste of time as the store will have other sales eventually and there are more things to do in life then wait outside!
I have two children, that would seriously suck. Even if they weren't with me, that would be a super lame way to spend my alone time. I would go when there isn't such a long line to get in, but I would not wait that long just to race people to shop for crap.