I had a natural birth, though completely NOT by choice. I woke up in the middle of the night with some slight cramping and within the next 45 minutes I was at the hospital, already fully dilated. Kiddo was out less than two hours after I woke up.
I remember being taken into the delivery room and asking the nurse when I would get the epidural. Then the words "Oh, it's too late for that" .....and I was like, "NooooooOOOOOOOOooooooOOOOOOOooooooooo!"
The pain was bad, although I admit not as bad as I was envisioning before it all happened, but then I have a very high pain tolerance. The contractions felt like REALLY bad menstrual cramps, combined with a really bad urge to push. It was like, cramps plus indigestion. I remember afterwards the nurse asking how bad the pain was on a scale of 1 to 10 and I said it was about an 8. The contractions were really all that I felt. I didn't feel the "ring of fire" or pretty much anything down there; I was concentrating way too much on pushing and the contractions than on anything else.
I was so fortunate that labor was quick, and didn't have to deal with any sort of side effects from drugs. I was up and walking within a few hours afterwards. I've heard some horror stories from friends....one had an epi and ended up with a c-section and was bedridden and out of it for two days afterwards, another had an epi and her legs went numb -- it took 6 months for her to get full feeling back in them.

But if I had to do it again (well, OVER again, because there will NOT be a next time), unless I knew labor would be fast again, I would still get the epidural. I can't imagine having to go through those contractions for hours on end.
Edit: Oh, I forgot that I did have an episiotomy. That wasn't in the plan, but doc said that baby was coming out so fast that I would have torn. So I DID have a little bit of local anesthetic down there. I was told all this AFTER the birth, though. I wasn't in any state to pay attention to details during!