I have visited Libya several times and have always found that it is a very pleasant country so far as personal safety, courtesy of the residents, etc. is concerned. Concerning security for travelers, expats, or visitors, I'd put it on par with Switzerland. Obviously, though, it does not have the same level of services.
Libya is first and formost a sparsely populated agricultural country. I have always told fellow Canadians that it is a lot like visiting Saskatchewan - people are inherently friendly because they are not all crowded together. You can go out for a walk in Tripoli any time of the day or night without concerns. If you are going there to support oil exploration, well, an oil camp is an oil camp, it doesn't matter where in the world it is.
The biggest risk is traffic, which is a bit unregulated.