I've written about wet-shaving before.
I decided earlier this year to buy an electric razor to at least try. I don't remember the exact model I bought, but it's a Norelco with three round heads, similar to this one; I bought it at Target for about $50 (on sale from about $60, as I recall).
Everything in life is a trade-off; almost nothing is all good or all bad (and, of course, what constitutes "good" and "bad" is often subjective).
An electric razor is more convenient: you don't have to mess with water or lather, the multiple implements, or the post-shave clean-up they entail; you don't have to shave in front of a mirror, or even in the bathroom; it's impossible to cut yourself or (at least in my experience) to get razor-burn; and it allows you to multitask in ways that are impossible with wet-shaving (the truth is on days when I'm running late, I not only use my electric razor, but I sometimes use it while I'm going to the bathroom). It's also good for days when have time to wet-shave, but don't feel like going through the hassle that day.
As I suspected, it's not as close as a blade. For me, it's about 90% as close; it probably puts my beard about where it would be maybe 12 hours after a wet-shave. That's obviously not as good, but some days good enough is good enough.
It's not any faster. This was the most surprising thing about the experience to me; it probably takes five minutes -- I'd guess literally about 20 passes over every area of my face -- to get an acceptably close shave. But it still shaves with no irritation, even after that many passes.
I still wet-shave probably 50-80% of the time (it varies from week-to-week). But, even for the most ardent wet-shaver, having the electric as an option for days when you're in a hurry or aren't in the mood to wet-shave is definitely worthwhile.