I am doing this too and so far my impressions are...
They do grow back, but because of antiandrogens in the system, that is not happening that fast. The first ones were pain, now it is getting much easier - I guess it weakens them too. Sometimes they come back thinner, sometimes not. Maintaining is still a pain in the butt, but I am waiting for anti-facial hair creme to arrive to see if both methods would combine. Having magnifying makeup mirror really does help (I use 15x one cheapo which I got on e-bay).
Sometimes my skin gets a bit irritated, in most cases not. I am also exfoliating with salt-based scrub 3x times per week.
I would not even try to do this on my neck - maintaining that would be hell 😛