Do you take out your phone immediately when you get a notification? Depends on how important the text is that I'm expecting Chatting with face to face conversation only to have them take out their cellphones just to check a text message when a notification sound clicks in? Sometimes they do that. I only do when I'm expecting something important, and it can always wait until I finish my point and say, excuse me for a second. Walking down their street with their phones out in their hands? Bad bad bad idea. Meetings where co-workers are more interested in their phones then the suppose task at hand? Seen it. Movies where people take their phones out? Lectures and class interruptions? They're usually good enough to keep it on silent, and sure, I spent most of my lecture hours in school only half listening at best. Work interruptions? Not sure what you mean, people use their phones for work all the time.
In short, there's always the question of how important is the text you're expecting? Important enough to do something relatively impolite in company?