My ex's first response was to treat it as a sex toy, which I hated. She would pull me by it when I was wearing it and it made me want to bite her hand off...
My first 'true' experience with a collar was just two weeks ago at an Anime convention. I rediscovered that I was, in fact, a furry and decided to drop my cosplay and buy ears, a tail, a collar, and furry leg-warmers (which I now wear around the house almost every day). Anway, I enjoyed the collar and loved how the big metal ring jingled when I walked; almost like a bell. It's a black leather collar btw.
In regards to the person I'm quoting, I feel just the opposite. I loved when random people would pull me around by the ring or attach a make-shift leash and tug on it seeing if I'd actually follow. (To explain, I was walking around with a sign that said "Lost Pet") I had people adopting me left and right and I loved the attention. I wore the ears and collar all the way home in car while I drove, too. My parents just laughed when I walked in, but I didn't care. I was soo super happy :]
I hadn't thought of wearing it in 'normal' public so I may try that soon (as soon as I find an outfit to match the collar). ;]