I shaved mine once with only minor side effects such as these, but not nearly to the same degree. The only thing that kept me from doing it again was that the process is a pain in the ass! If I could get my g/f to shave it for me, it would be cool though.
On a side note, My g/f and I went to Hooters last night and I embarrassed her by asking the waitress if she thought I'd need hair nets for my armpits if I was to get a job waiting tables there. I didn't tell her that I keep my armpits trimmed/ shaved.