I have had waxing (down there) done in the past and personally I think it really hurts but only for a few seconds then its ok. I find it depends on who does your waxing some people really hurt and some dont hurt as much. its normally fine afterwards.
I went once to have the whole lot waxed off but changed my mind halfway trough I coudnt bear it any longer so she just left a strip.
Do guys prefer it??? I think it depend on the guy but I guess most would prefer it to a big bush ha ha.
Waxing has one huge drawback: you have to let the hair grow back in each time. I don't wax because I like to be smooth, so I shave every other day or so. That works fine, although I have to admit I always have at least a little stubble.
I shave too Its sooooo much easier and with NO PAIN. It does get a little itchy sometimes.
I second the shaving. I have a good friend who likes to get waxed over shaving. I think shaving is just easier and less costly. Good luck if you go for it!
If you do decide to wax, make sure you educate yourself on all the risks, including vaginal/labia tears if skin is not held tight enough.