I did both.
With my first, Ryan, I was afraid of the pain, so I eventually got an epidural. When I had my daughter, Kimmy, I decided against it just because it was so expensive. I did really well, according to the nurses.
With this pregnancy, though, I'm not sure. I keep going from yes to no. I liked that I could watch my son be born (sort of, I don't want to see all of it. No mirror, please) and not worry about the pain, but I feel the epidural made the pushing longer. My daughter was out in three pushes, and the recovery seemed to be quicker, because I didn't have to wait for the stuff to wear off, and I didn't need as much help around.