I also have great luck with the bell. Many walkers thank me for the ding ding and comment on how they like the bell....... " thanks and I like the bell".
Every so often a rider about to be passed will hear the bell then look down at his bike. Some have mentioned that they thought they dropped something.
When I used to ride hard with my buds, I used the bell cause I don't have a loud carrying voice to penetrate the wind. The bell worked so I use it. My buds would comment on how nerdy it was but once they saw how effective it was, whenever we approached other riders they shout "ring the bell, ring the bell!"

But none were ever macho enough to sport a bell on their roadie.
I would have to say though, that some of the more "hardcore" riders get annoyed with the bell while getting passed.
BTW, it really effective while trying to pass another rider on a mtn descent!