Waxing is no doubt more effective, but personally ... I kind of like shaving. There's a nice little ritualistic feeling to it when I'm doing it under instructions form my Domme. It's an additional step in the grooming process, making sure it's done well and treated to I won't get bumps or (too much) itching. It's also a good bit cheaper!

But then, it's entirely possible I'm just a bit weird :P