An electric is faster, no doubt, but not nearly as close as a good wetshave. You will probably nick and cut yourself a bit until you get your technique down, maybe a month or so, but after that you shouldn't have much trouble. If you're going to try wetshaving the most important thing is to keep your face, well, wet. Hold a hot, wet washcloth to your face for a minute or so, or at least splash lots of hot water on your face for 30 seconds or so before you begin (a great time to do it is when you step out of a shower; don't towel off your face). Then, for goodness' sake, use decent products. Don't use the junk from a pressurized can. Get a shaving brush (you can find a cheap one at a 'Mart or drugstore for about $6), a decent lather shaving soap (Surrey glycerin or Williams Shaving Mug Soap, both about $1) or cream (Palmolive in the RED tube, $3). Or better yet, if you have a Target store in your area, head to their "spa" section and pick up some Proraso (tube of cream, $12 or jar of shaving soap, $4). For a razor use a few blades as possible: try a Sensor Excel first (the two-blade Sensor Excel, not the new three blade Excel3).
--Mark