I've had it done and I honestly didn't feel pain, however they were very surprised and I generally have a high pain threshold. It feels a little bit like needle pricks and the area might look a bit red afterwards, but you can take a Benadryl and it goes away. I never used numbing cream.
It is expensive, but it really, really works. You have to understand that it is designed for thick, dark hair. Blonde hairs and peach fuzz - you'll never get rid of that. But if you've got dark or coarse hair, then you're a perfect candidate. If you want to get it done, I would recommend not going to a laser hair clinic, but go to a medical clinic where they have medical personnel (doctors and nurses) performing laser, as well as cosmetic surgery procedures. They are better able to give you all around care and the more frou frou the place is, the better their lasers are. Some of the lasers, like ALEX are very crude and your face will be red and swollen for a day or two after. Not to mention, you will not be allowed out in the sun if you are using them. Other (considerably more expensive) lasers will leave you with no pain, no redness and no discomfort. Remember, you get what you pay for.