Should I give him one more shot?

About three years ago I met a great guy. We dated for awhile and then he dumped me to get together with an old girlfriend... We have stayed in contact and friends over the years.
About two weeks ago he asked me out again. (he's been single for a few months now) We've gone out three times in the past two weeks and all the old feelings are still there for both of us.
My question is should I give this another try? Is the risk of finding someone worth the risk of being hurt? I do know that I'm not as open as I was the first time we dated out of fear, but I really like this guy... Can it work?