I got a top of the range Lumea model for £300 just after Christmas. You have to do it every 2 weeks initially. Mine can be used corded or cordless and I use it plugged in as that gives the strongest blast and I don't need to worry about it running out of power.
It has 4 attachments for different bits of the body. I shave first and it doesn't hurt even though I use the highest setting. The only time it stings a bit is if I use it on skin that is wet/sweaty or on hairs I haven't shaved.
So far I'm very pleased with it. For the first week after a treatment the hair seems to be growing back quite normally, but in the second week it sort of falls out and by the time of the next treatment it's much thinner and downier. I shave much less often already and after one more treatment I should be able to move on to monthly maintenance treatments.
It takes me around an hour per treatment, and that includes both legs, bikini line, tummy, underarms, chin and tache. I just put on an audiobook and get going. I am a size 16 so if you have less surface area than me it will probably be a shorter job!
Also, my skin feels lovely and smooth after treatment. Apparently IPL was first devised as a treatment to make the skin feel good.
I have pale skin and dark thick hair, which is apparently the ideal for best results. You can't use it if you have dark skin.