I think the best way is to have a good quality razor and good cream and learn to shave carefully. To have a smooth look all day, though, you'll have to shave more than once a day. I recently switched to Cremo brand cream, which comes in a squeeze tube and goes on very thin. I prefer it over the old foam type. You can actually buy shaving creams with anti-androgynic properties that supposedly retard facial hair growth over time. I haven't tried one, yet, myself, though.
When shaving I try to gradually move the blade over the skin in different directions for maximum hair removal. First down at a left angle, then down at a right angle, then up at a left angle, then up at a right angle. This seems to result in the smoothest shave, though I have some difficult areas on my face that require more effort.
The only ultimate solutions seem to be laser and/or electrolysis treatments. Laser doesn't work for lighter hairs, so most people start with laser, then go to electrolysis for the rest. Some people here have had luck with DIY laser gadgets like those made by Tria, but I'd imagine you'd want to be very careful with something like that.
