It does get stubbly but I have never noticed a whole lot of itching. Then again, I am a pretty tolerant person. My H, however, is a total fussbudget and even he doesn't mind it.

I think it is a matter of the pluses outweighing the minuses, is all.

If you were asking specifically how do we shave down south (ie, what method) we basically use a razor. H shaves with his electric trimmer to get it mostly bare and then uses a regular razor to finish it. I use a scissors (as opposed to the trimmer..don't like the power tool sound so close to the goods) to trim and then finish it with a really sharp razor.
I have never had it professionally waxed--and H would die to know that people even do this for a living--but perhaps when our finances are a little more stable and I can actually afford a few hrs away from the home for such a luxury.

Sometimes H even shaves his chest and stomach too, although I am not crazy about that. THAT stubbly-ness makes it hard for me to lay on top of him. However, he likes it and he feels better when he takes these steps towards making himself attractive to me, so I say nothing. I am not overly fond of chest hair (I admitted that once and I think this is why he does it) but it doesn't bother me or turn me off. I would just choose a bare chest over a hairy one is all. And I'd choose my H's chest over any other out there, so it really doesn't matter.

Cheers!