I had the original epilady back in the 1990's and I loved and hated it at the same time. The pain was excrutiating, but it worked.
Epilady has come a long way. It is still painful, but not so much that you will never want to use it. This epilady also allows you to use it after just a few days hair growth unlike the original which you had to have at least a weeks growth. You will have smooth legs for two weeks (not the 4 weeks they promise). The beuaty of the epilady is that you will not have the nics and cuts that you get from shaving. The break from the daily shave is also quite liberating.
The shape is easier to use. It no longer has the coils that used to catch hairs. It now has little metal clasps that rotate and grip your hair. It is a more pleasant experience.
I have found that it works well for legs and for armpits. I would not recommend this product for the bikini line.