Yes I have done it,
Yes it hurts... first have your eyebrows or your legs waxed to see if you can handle it.
No rash, no bumps, no freakish looking pimples.
Lasts about 4 weeks... with some upkeep with the tweezers...
Four years ago, I did it all the time... not a full Brazilian, but a clean look. I am a bit of a furry monster, and while I love my body, and my softest hair... I don't like it showing around the swimsuit. We do a bunch of summer water sports.
So I am sure you will get the it's anti feminist speeches, but for me, I was more comfortable in my own body when I did it..
Now, I wear a larger size.. (babies you know) and we still do the wake boarding/water skiing, I just wear board shorts to cover both my hairy hooch and wiggly butt.