well, since you're asking for an electric razor, I got the Braun Pulsonic 9595 as a gift and it gives me the closest shave. It's pretty nerdy with its own cleaning system, but the cleaning solutions are relatively inexpensive to replace (10 bucks worth that lasts 6 months). But, it has a $200 price tag and although it gives a great shave, I wouldn't of bought it at that amount. I agree with the Mach3 and I used that for years.
So cost effectively, just stick with the old timer's method. But, if you like gadgets and technology, the Pulsonic is really good at what it does.