Like anything else, I think second person can be done if it's handled right. One important thing is to make the protagonist someone who the reader is likely to want to be - make him (or her) a smart, witty, capable character with admirable qualities, but also something of an Everyman who just about anyone can relate to.
It's also important, I think, to give the reader choices at the right moments - even when the choice would seem to be obvious, like when one is about to have sex. Few readers would choose an option NOT to proceed with sex when it comes up in the story, but I think it's good to have the choice there anyway, so the reader can feel like they're making the call.