Gender: <-- points to avatar
Waxing is definitely the better idea. The effect lasts for longer, is smoother and you don't get the sandpaper factor because things are growing back from scratch, not just growing out with blunt ends.
Doing the edges is nice for general maintenance and is certainly a confidence booster if you're trying to feel good in nice underwear or (especially!) a swimsuit. I'm not so much a fan of the full removal, as it looks bizarre and prepubescent. Gotta keep the triangle, but gotta keep it tidy =)
As for the opposite sex, it's nice if they take care of a bit of trimming and general maintenance too, but I have no particular preference one way or the other. Men are hairy. Such is life.
Although...back hair... *shudders* =P
EDIT:
Mallefunction said:
Overall, I'd like it trimmed...more importantly, it should be friggin CLEAN. That's the big issue.
There is *so* much truth in what you say =)