I say no. I think there’s too many things which can go wrong in a game especially when money in involved.
Victoria Coren seems to disagree but considers that social rules should be considered up front.
First, you have to decide whether you and your friend are happy to play fully against each other: trap-checking, check-raising, punchy value bets, the lot. If so, don’t be surprised if your friendship turns a little tense for a while. But there is no need to tell everyone your life story. Plenty of casino cohorts know each other and, if you’re playing straight, there’s nothing to announce.
If you are not prepared to treat your friend as any other opponent, you shouldn’t play on the same table. I am still stuck in an ancient tradition with my old mucker The Sweep: if we are heads-up in a casino pot, we check it down. That kind of thing must be announced, but should be avoided. Luckily, The Sweep is a total rock. If he so much as breathes on a pot, I fold everything but aces anyway.
Its getting a little like this when playing Werewolf with friends too.

The venture which I should have got much more involved in has launched to the public.
Trustedplaces.com is open for business!
Yes, our dear friends we are now one letter up; have moved from alpha to beta and have opened up the site so that anyone can join. What a difference a letter makes. You’ll see a new home page, some very useful options for your reviews, favourites and friend’s favourites, quite a few design tweaks, but you’ll also be able to search for places that are near you.
Trusted places is simply a place to put all your favorate places and then tag them for other friends to find. You can write reviews and post pictures too but the most interesting thing is the friends aspect. Yes I'm thinking really long tail stuff here. The trustedplaces team haven't quite made a point of drumming that up yet but its in the pipeline I'm sure. There's also some really other things which are planned which make sense when your not at a computer.
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