How much should ethnographers involve themselves with the people, places, and processes they study? One answer has become increasingly popular: invert the standard method of participant observation into observant participation. This article draws on an ethnography of ambulance work to consider the trade-offs between these approaches. My fieldwork included "ride-alongs" with labor and management at a private ambulance firm in California (participant observation) and short-term employment as a novice emergency medical technician at the same company (observant participation). Beyond a simplistic distinction in "empirical depth," I identify three issues at stake between participant observation and observant participation: field positioning, analytic gaze, and data assembly. Where participant observation presents more opportunities for mobile positioning, outward gazing, and inscription, observant participation presents more opportunities for fixed positioning, inward gazing, and incarnation. In addition to justifying such contrasts, I consider the advantages of mixing these styles into a hybrid approach when feasible.