There are quite a few, and it's always the best option when possible. Most of the complications you hear about from "routine surgery" relate to the management of the patient's airway while they are sedated. An awake patient can maintain their airway.
While that is certainly not a good thing, it is not as dangerous as a situation where the patient is unable to breathe and the anesthetist is not able to breathe for them.
If you're interested in how these sorts of things can wrong, here's a well done reenactment of such a case: http://emcrit.org/misc/the-new-elaine-bromiley-videos/