Waxing is extremely painful to some people. The reason it is less painful to chicks and guys who have thinner hair is because their hair is not very coarse and deep rooted. As for me, I probably have coarser hair and more body hair than almost anybody on this board. I've even bled from waxing, and I get horrible outbreaks after waxing from ingrowns and what not.
Also, I've found with waxing that is hair grows in cycles, so you may get the hair that is on the surface, but in two weeks hair that is below the epedermis sprouts and you are no longer smooth. This is all coming from a guy with a lot of body hair so if you have thin hair you might want to try waxing, but I'd try laser or an IPL (Pulsed Light). In fact, you can probably get a complete upper body IPL done for as much as a wax job and it will be 1) Quicker 2) A little less painful 3) The hair free period may last a few more weeks longer. If you want to try a laser, be prepared to spend a alot of money, and always get a test patch done before hand.