Yes! I have one.
I have the new Philips Lumea presicsion one. Its not el-cheapo, but it definitely works, I am delighted with the results.
You shave your legs, use it over your legs (flash the light about in a systematic way, covering the whole area - it doesn't hurt) and you do this every 2 weeks for about 6-8 weeks, so about 4 treatments. I've done my 4th treatment, in fact I did it before a holiday about 3 weeks ago and my legs are completely hair free still. The idea is you keep doing it every 2 weeks for about 3 months (so I should do another treatment or two really) and then you only do it once every 3 months or so. The hairs don't grow back.
I've also done my underarm and more recently I've started to tidy up the old map of tasmania (biniki line) and that's going well too.
How does it work? In a nutshell the light is attracted to dark, so it is attracted to the hair root, which it basically burns and damages, which stops it growing back. The best candidates are light skinned people with darkish hair - Im not a mega dark haired person, but my leg hairs are light brown and its worked on them. Those celtic people with mega white skin and thick black hair would be the ideal candidate. People with olive skin can do it, but you can't be too dark or you will just burn and it won't do the hair. And if you are heavily tanned or tanned at all, its not recommended, also fake tan counts.
The reason you shave first is if you have long hairs it will burn them and stink and also be less effective - you want to target the hair shaft. But you can't epilate first because you need to have that hair root just under the skin for the light to zap.
I recommend it. Its not cheap but much less faff than salon stuff and pays for itself eventually if you want to be hair free.