Definitely an interesting thread.
I think it depends on the person as well. I shave it pretty much all, and I dont have an issue with itching or ingrowns or anything. I did get waxed once, and it ended up nice, but it only lasted for under a week before there were stubblies and things, so definitely NOT worth the money for me.
Hubs shaves it all bare as well. I like it and it doesn't seem to bug him, with itchies and stuff. Every once in a while an ingrown, but not so bad.
I guess we've been doing it so long we're just used to it maybe? It's just another thing I run the razor over while in the shower, takes a minute or so and that's about it.