The wife and I did a couple of days in Mexico City just before Christmas as a stop over on the way to Huatulco, and would recommend it highly. We just caught a glimpse, but definitely want to go back.
Overall, as long as you use some common sense, the city feels very safe. We stayed out near the Airport and used the Metro system to get down to Centro Historico (smoking deal at 5 pesos each way, about 35 cents), and if was totally fine. Again, just use some common sense and courtesy, as in although we were some of the first people in the car, we didn't take a seat, just stood out of the way by the doors, as we had heard the cars get very full (they do!), and I'm not going to be that gringo who takes up a seat.
We walked for a few miles in the area, around the Zocalo, down the Calle Madero (pedestrian only walkway), around the Palacio de Bellas Artes and park behind it, and then branched out into the surrounding neighbourhoods a bit. There were a couple of deserted looking streets that we just didn't go down, which again, just common sense.
Obviously in a city of 22 million, there are people everywhere, and at times it can feel a little overwhelming. If you are around Bellas Artes, I would highly recommend Bar Miralto in the Torre Latinoamericana. It's on the 38th floor(37th?) and has floor to celing glass, and a stunning view over the west half of the city. Great place to get away from the crowds, get off your feet and have a drink. We spent about 2 hours there, and the bill was still only about $40 CDN for 8 drinks or so. There is an observation deck on top of the tower as well, about $12 CDN a person, and well worth the views. From there, you can take the stairs down to Miralto.
TLDR: Safe place if you aren't an idiot, vibrant, would go back.
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