Personally, I tweeze down below because I hate HATE the bumps.. and I dont tweeze everything, just around the lil triangle I like to keep tidy and smooth. (but I'll shave my labium majora, as those hairs are very fine and dont bump up when I shave at all).
It doesnt take long, I just tack it onto my body maintenance and its smoother than any razor would get me.
I also have a high tolerance for pain and it doesnt hurt much.. I might venture to say that my eyebrows hurt more to pluck!