So I just recently bought an epilator, and decided to give myself an 'at-home' brazillian. I have never waxed the area, only shaved, so I have nothing to compare the pain to.
The 'triangle' was fine, really. A prick or two, but I didn't even flinch. However, the lips were another story entirely. Holy HELL it hurt. I ended up using the small 'delicate areas' attachment for them, and even so, I went very slowly, doing a tiny portion at once. In time, the area numbed and swelled, and I didn't feel the pain anymore, and I was able to do a quicker and more thorough job. Keep in mind, I have a higher than average pain tolerance (as told by many a doctor).
Results are great! There are a few baby hairs scattered about the area that it didn't catch, but it's not much effort to shave those. It's been a week and I am still quite smooth. It is probably the greatest grooming purchase I have ever made. I also use it for the underarms. Unfortunately, I haven't had much success using it on the finer hairs--they break off. But still, the fact that it can do such a good job of brazilians makes it more than worth it!
The advantages of the epilator over waxing, in my opinion, are that you really only have to worry about the initial cost of the product (mine was about 70-80 dollars). Also, you can do it in the privacy of your own home. Plus, you can catch much shorter hairs than you could from waxing. I love it!