I actually shave with a silicone based lubricant on my legs and a water based lubricant on my cooch. It is cheaper than shaving cream and I get a closer shave.
I've just recently tried it and I like it okay. That said, I'm still getting a little redness after shaving -- it is noticeably better than it was before though.
I've tried stuff like this to good effect, but it's always been cheap crap with an awful smell. I think I'll give this a shot next time I order something.