I had a bunch of baby teeth pulled when I was a kid--my mouth is very small, so there wasn't room for all of my adult teeth in the end. My dentist was also an orthodontist, and he pulled the baby teeth as part of the preparation for me having braces.
It really was no big deal at all. I got novocaine shots, and the baby teeth just popped right out. I literally couldn't feel a thing and asked the dentist if it was over already. The only scary part for a kid is the needle for the shot. So if your child has a fear of shots, then some nitrous might be a good idea, though I didn't have any.
Having baby teeth isn't anything like having an adult tooth pulled at all. A couple of years ago I had a molar pulled as an adult, and it made all sorts of scary noises coming out and took a while. The baby teeth were really a non-event.
The tooth fairy was always generous with me when I had a baby tooth pulled though.