Plenty of us remember when Switzerland was not in the Schengen though. This might be good for Americans, who haven't been able to get working visas in Switzerland since EU countries now have priority. But otherwise, I don't see much changing beyond border procedures.
True, maybe. It is really hard to say. I'm not pro leaving in any sense (beyond being an American who used to work in Switzerland and wouldn't have that chance today because of the Schengen).
Most of the downsides would be on the goods side. Swiss companies would loose market access and the chance of "better" trade agreements is even worse then the UK, especially currently.
When you drive through there is someone standing looking at the line of cars and if they don't like the way you look they point to the side and you have to explain yourself and your cargo. It's like an arbitrary border control right now.