I have been in a lot of turmoil about the whole friends with benefits thing. Here’s my take –

1) Its a purely sexual thing with elements of friendship
2) Its a sexual thing with elements of love

I think you would like it to be something deeper than just sex. My suggestion is, dont mix up friendship and sex – it often leaves one party wanting more from the association. A combination of deep conversation and coitus is quite lethal. In the end though, its all up to you. If you are actually ok with this non-exclusive arrangement, then go ahead but if you are already thinking this much, are you sure you’re really ready?