my subbie swears by Epilation, then finishing off with a shave, shes likes king of shaves gels, and a mans razor, I suspect this is because she got used to nicking my equipment! girls eh... Ive not seen her with razor rash since she started this regime.
I try to avoid razor rash by using a water based antiseptic (alcohol-free) post-shave balm and an antiseptic cream if it I get it say savalon or something.
in the past tho Ive seen good results from Waxing too.