Not to resurrect this thread but I'd feel bad if I didn't add anything. Especially because when I first read this thread, it made me curious about shaving this way. So I started reading up, then went out and purchased a straight razor and been shaving this way ever since.
Your first few times shaving with this thing make you realize and respect the sharpness of the blade. You will probably cut yourself or at least finish up with some irritation. I've always shaved with a mach 3, and I needed to unlearn my old shaving habits and re-learn with the straight razor. Be
very patient your first few times. If you can just remember how to hold the blade in relation to your beard, that alone will get you through it. And to make sure you ALWAYS use a sharp blade and have a good quality shaveing gel or soap that lubricates properly. For me, shaving cream dries out to quickly and doesn't work like a gel or good shaving soap. Another tip I can think of is you can't press down with this razor like you can do with a safety razor. You can easily slice into your cheek/throat with this blade. Just let the blade sit on your skin and shave with it. The sharpness of the blade combined with just the blade's weight is sufficient to shave you.
The straight razor is the only way I can shave against the grain and not completely break out in razor bumps and ingrown hairs. I think its because regular razors like the mach 3 have their blade angles preset, which is not optimal for everyone. The straight razor lets you control the razor angle to fit your skin. The shave is remarkably smooth, I mean I haven't had this smooth of a face since I was 10 years old!
Sure it takes more time, but I've found it shaves alot better than a mach 3. The time doesn't bother me since I shave before I go to bed every night, so an extra 5 minutes shaving won't matter (patience is very important when shaving this way). You will definitely save alot of money from not having to buy replacement mach3 blades which are such a ripoff (at least the mach 3 is).
One thing that almost turned me off from buying a straight razor is all the other accessories that are needed, like a leather honing strop, a sharpening stone and all the assorted pastes etc... needed to maintain a good edge on the blade. This just seemed too old-school for me and too much time/money. But I've found a straight razor where you can change the blade on it so none of that is ever needed. Any barber/beauty supply store should have a straight razor with a changeable blade for under 10 dollars. The one I got is from a manufacturer called Fromm and cost me 8 bucks. Replacement blades cost me 3.99 for a pack of 10. When I get more of the hang of shaving, and the urge to upgrade to bigger and better strikes, I'm definitely looking at something from this page to replace my Fromm razor:
http://www.classicshaving.com/page/page/1240646.htm
This page answers alot of questions about shaving too:
http://www.classicshaving.com/page/page/590351.htm