I've never seen it used on facial hair, sorry. But my guess is that it would look weird.
I get the convenience of eliminating the need to shave, but if it's the cost of shaving that you're concerned with, it seems like it would take a while to repay the cost of the laser treatments, even on the low end of your estimate below. I use a safety razor and double-edged blades, and I figure it would take 48 years of shaving using that system to break even with an $800 cost, not even factoring the opportunity cost of the initial investment. Who knows what shaving technology will be in 48 years. Maybe my robot butler will shave me while I sleep.