Pros and Cons of Hair Removal Techniques

There are almost innumerable ways to remove unwanted hair from the body. Some of the techniques, like threading, go back centuries; others, like laser hair removal, were only recently developed. Each option has its own pros and cons, and each is most specifically effective for a particular type of hair removal. 
Shaving
Shaving is one of the most popular and go-to solutions for removing unwanted hair. It has been a common hair removal practice since pre-history. Although it is possible to go to a barbershop and get a wet shave with a straight razor, when most people think of shaving, they're thinking of the practice of running a safety razor blade across the legs, underarms, or face.
Shaving pros: 

It is an easily-mastered skill, it can be done from home, in minutes and many safety razors are inexpensive.

Shaving cons:

Does not remove the hair at the root, stubble returns quickly, must shave every day for continued hair removal, and disposable razors are an environmental concern.

Laser Treatment
Laser treatment is one of the few methods of permanently removing hair from the body. It is performed by a licensed technician, and involves using body-safe lasers to literally burn hair away and prevent the hair follicle from growing new hair. It is appropriate for nearly any unwanted body hair on either men or women.
Laser treatment pros:

It permanently removes hair, there is likely to be a local center near you, and if performed by a licensed professional, it is a safe, easy way to remove hair

Laser treatment cons:

It requires multiple treatments to successfully remove all unwanted hair and there is a mild risk of skin irritation

Plucking
Plucking involves taking tweezers to pull out unwanted hairs, one by one. It is most commonly performed to shape eyebrows, remove female lip or chin hairs, or pluck stray hairs in the bikini area. 
Plucking pros:

It is an easily-mastered skill and it pulls hair out at the root, meaning it could be up to eight weeks before regrowth

Plucking cons:

Some people find plucking painful, it is easy to over-pluck eyebrows and leave thinned or patchy spots and if you do not use clean tweezers and hands, there is a risk of skin infection

Epilating
Epilators look a bit like electric razors, but serve a slightly different purpose. Instead of cutting hair off at skin level, the epilator uses tiny wires to grab hair and pull it out at the roots. As you run it over your skin, it pulls out dozens of hairs with each pass. It is most effective on leg hair and not recommended for male beards.
Epilator pros:

It pulls hair out at the root, meaning it could be up to eight weeks before regrowth and since it contains no disposable parts, it is one of the most environmentally-friendly hair removal options.

Epilator cons:

Epilator technique takes a while to master, many people find epilators painful, and there is an increased rate of ingrown hairs if you do not use the epilator correctly.

Threading
Threading is an ancient hair removal technique that involves pulling out and/or wearing away hair by running threads against the skin. It was primarily practiced by women of Indian or Middle Eastern decent, but is now popular among women of all ethnicities. 
Threading pros:

It removes most of the hair at the root and it is a long-tested, safe way of removing hair.

Threading cons:

Threading requires a second person, which usually means a trip to the salon, some people find threading mildly painful.

Waxing
Waxing involves spreading hot wax against the skin, applying a piece of fabric over the wax, and then ripping the fabric away quickly. As the hot wax leaves the skin, it takes along potentially hundreds of hairs with it. Waxing is used nearly exclusively with leg and bikini hair; it is occasionally used on male chest and back hair, and is not appropriate for facial hair on either men or women. 
Waxing pros:

Removes large amounts of hair quickly, removes hair at the root, and is effective on hard-to-reach bikini areas

Waxing cons:

It is a difficult technique to master and most people choose to go to salons, if performed at home, DIY waxings are often extremely messy, waxing can be very painful, and the number of disposable materials involved are an environmental concern

Depilatory Creams
Depilatory creams are designed to chemically dissolve hair in the hair shaft. To quote Go Ask Alice: "By disintegrating chemical bonds in the hair shaft, a depilatory turns your hair into a gelatinous mass, which is then wiped away."
Depilatory pros:

If it works, the hair literally disappears for a few weeks

Depilatory cons:

You are spreading protein-dissolving chemicals on your skin, high risk of skin irritation, and many people find that depilatory creams do not effectively remove unwanted hair.