rwik, rather than share personal experiences (I've had several, including tonsil removal under general this past summer), let me try to refocus you on questions to ask...
-- Who, how many, and what qualifications are the personnel in attendence? Who will be in the room with you, who is in the office/building? Is your DDS performing the procedure with a hygenist present? Is there an RN? You mentioned the dentist is also an MD-- what specialty, what post-med school training (other than dental residency)? Does your dentist have BCLS? ACLS? Hygenist?
-- What meds, specifically is the provider planning on using? IV to be established? Who's starting the line/qualifications? What sedatives? Propofol? Ketamine? Versed? What analgesia during the procedure? Fentanyl? Nitrous?
-- What equipment/procedures does he use to monitor you during the procedure? BP? Pulse? How often? Cardiac Monitor? O2 Sat? What are his capabilities policies if anything deviates from normal?
-- What emergency equipment and procedures exist, and how readily? Does the office have an AED? Manual defib? Advanced airway equipment? Policies for when to call EMS? Average response time (you may know this best)?
-- What is you're provider's rate of complications? How often does he perform this particular procedure/how long have they been doing it? Changed procedure recently? Active in local professional community? Journals? Dental equivalent of M&M Rounds? How transparent are they about their success/complications? Infection risks? KevinMD.com had an interesting blog post a few days ago about how we all feel our surgeon is "the best" but perhaps we need to look deeper into their track records.
http://www.kevinmd.com/blog/2011/12/informed-judgment-abilities-surgeon.html
-- What is the local precedent for propofol use in outpatient clinics? Does your DPH require particular standards to be met, and does the office have this credential? Is propofol commonly used for surgeries like your's, or is another drug used more commonly? Why one or the other? Do non-dental providers commonly use propofol in outpatient clinics? What monitoring is required in hospital when it's used?
-- What does the consent form look like?
After asking these questions, you need to think for yourself how you feel about these risks and contingencies. There's a fine line between being an empowered patient and being a pain in the ***, but you're a medical professional yourself and understand the risks better than many other patients.
I'll leave my questions for you here... Good luck, let us know how it works out!