I don't think I have ever known anybody IRL who had an affair (?). My sister did start dating my now brother in law very soon after her first divorce and it got serious very fast. While I liked my now BIL right off the bat I was concerned and did voice that to her. They married about a year later and I also was concerned about the speed of things and did tell her. They just celebrated their 6 yr. anniversary and they have a very lovely marriage.
My H moved in with our best friends shortly after he moved out of our home and conducted his affair in their home for months. Obviously that was terribly hurtful on many levels and I have never spoken to them since (nor have they tried to contact me). I just have to accept none of them are the people I thought they were.
Having been on the receiving end of an affair I would for SURE say something if I had a friend in an affair. I am not sure what I would say or how I would approach it but I would try.
I do have one really good friend that is happy but unhappy in his marriage. I have known him for most of my life so I know him well. His wife is really great and it seems most of their problems stem from lack of time together due to their daughter and crazy work schedules and not any sort of major issue. I have shared with him how painful a separation/divorce is and IMO how their problems are ones that can be solved. He is in it for the long haul and so is she so I hope they can get it all sorted out.