What ever you do, take 2-3 breaths before jumping in to verify it's open.
And watch your gauge while you do it! You might have a few breaths in the hoses but the pressure will drop.
Agreed. I have never found myself in the water with a full tank that I can't breathe from, and don't intend to. Although, like tbone says, for divers who practice manipulating the valves underwater, the stakes aren't all that high, since it can still be easily fixed in-water.
Divers who are in the habit of turning the valves off after set-up, aren't in the habit of taking a few breaths before splashing, and who aren't comfortable manipulating valves in the water boggle my freaking mind. But I see it all the time, and none I've seen have died doing this yet.