SpiceHD, Im a scarred veteran of waxing. You name it, Ive been there.
I won't lie to you - it is damn painful. It is better to do it when you are not on PMS or extremely tired. I suggest you take tylenol an hour prior to the appointment.
But the biggest set back is cost. It cost a lot of money and you have to keep going back to keep it up. That is why its better to do it in spring so you can keep it up throughout summer and stop in fall when you are back to wearing pants.
It doesnt help with ingrown hairs so thats another con 
I gave up on it long time ago and went back to old fashioned way - shaving cos its much more cost/time efficient not to mention less painful. However, maybe you are not a wimp like me and can do it 
