I've read all the answers below, but here's my take:
I've had 2 boys, both 8lb, and induced both times, once with pitocin (8hrs labor, 45 min pushing) and once with the vaginal pill.(20 hours labor, 4 pushes). Both times I had an epidural.
My plan was to be flexible and only ask for an epidural if I thought I needed one. When I was given pitocin with my first from friends I learned to ask for an epidural at the same time. So happy I did. Pitocin really kicked the contractions into high gear (they were bearable up until that point, but unproductive). Before the epidural, about 1 hour, they were 2 min long with about 20 seconds in between. Very little time for rest. Once the epidural kicked in I actually enjoyed myself. By the time I pushed I could faintly feel the contractions with minimal pain.
I think the epidural was right for me because it relaxed the whole situation, took away the anxiety and allowed me to enjoy childbirth without the pain, throwing up, anger, etc. I was mentally present and really happy that I couldn't feel the stitches (tore a lot both times).
That being said, knowing I had to be induced the second time (positive screening, my age, etc. didn't want me to go past due date) I opted for the epidural early on.
Frankly, I don't believe childbirth has to be painfull and full of sacrifice - there's a lifetime of mommyhood for that. Why not relax and be present?
I had a wonderful doctor, hospital, nursing staff and anesthesiologist. I enjoyed the hours with my husband during labor - we had time to talk, dream, wonder, spend time together. The pre-epidural hours were painfull with him feeling helpless. Once the epidural came, we enjoyed each other waiting to meet the little men.
Sorry for the rambling answer, but I don't think there is enough support for women that want to have an epidural. So many are quick to tell you natural is the way to go, drugs are bad. You can't help but feel like you are a bad mom if you want an epidural.
Lastly, I think an epidural is easier and less stressful for the baby because you are relaxed.
Congratualtions! Whatever you choose will be what's right for you, just had to throw out a non-judgmental vote for epidurals.