My mom had it done and was pleased with the results, which have been long-lasting even after menopause (which because of hormonal changes can trigger new hair growth.)
However, I've heard from others that laser is the best way to go now---that it's faster and more effective. Laser is especially effective for those with lighter skin tones and darker, coarser hair. I'm actually going tomorrow to get a first laser session on my upper lip. I'll let you know how it goes.