I experimented with OBE's for a while, and finally induced it a couple of times.
It's freaky, and not like anything you've ever experienced even in a dream state.
Some people say it's totally a product of the mind, but I disagree. The reason I disagree is the accounts I've read of people with NDE's (the near death version of the OBE) and these people are able to recount things that were actually said and events that took place in the room while they were clinically brain dead. This is inexplainable by the theory that says OBE's are hallucinations.
Not to mention the people who are able to view events in places far away from where their body is at the time.