Just how good/efficient is photo-epilation versus laser hair removal?

I�m a latin 24 yr old man, I have light skin and a hairy body (black and thick hair)... I�d like to get rid of the hair on most of my body and I�ve heard that photo-epilation is far more effective than laser hair removal but it is way more expensive. I don�t have the money to do this, in fact I would have to save for a long time in order to afford it but it is something I really want (since men and women all talk about how bad a man with a hairy body looks), so my question is if it�s really effective and one more thing: is it possible to reduce the thickness of the hair rather than remove it? I ask this because maybe i wouldn�t want to be totally hairless on my arms and legs but I consider that right now I�m too hairy... Thanks for your comments, Richie.