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Epilators are good for arms and legs, but they're a little more paiunful on chest and bikini area.
I used to do triathlons, so here's a couple of specific hints.
In addition, you usually shave the night before a triathlon. I would no recommend epilating the night before, since you might still be covered in red bumps the next day.
If you decide to epilate, you should train with a diving suit or long running tights in the pool right up to the day of your race. The only way to get the effect from shaving down is to train with the extra drag in the pool and remove the articles for the race. Training without covering epilated legs will not give you the added benefit.