Works fine. I’ve swapped 26" muni and 700c road wheels back and forth between frames many times over the last couple of years.
If you want a true 700c road wheel as I did, there’s no off-the-rack option anyway. But you can pick exactly which parts you want and get them at your convenience or when the price is right if you go a la carte.
True. Brakes complicate matters. It’s a quick job without them. But you might or might not like having to do the switch before riding, depending on how you are. It’s an extra step away from the convenience of grabbing your gear, checking pressure, and just going riding if you’ve got the wrong wheel in there. There were times when I just wanted to ride and not mess with wrenches and possibly having to hunt for a dropped nut or bolt and such. I grabbed a closeout Qu-Ax steel muni frame for the 700c wheel when I saw it. And then I built up a second 26" muni wheel, so I’m still swapping wheels now and then. 