I had an epidural for an emergency c-section. I barely even remember the hospital. I don't remember the first two days AT ALL. I wish I was more coherent during recovery. I feel like I lost all that newborn bonding time.
If you're not having a c-section, I would say to try naturally. Hold off as long as you can. I spent the first night freezing, with uncontrolably shaking. The effects of all the drugs they gave me while in the hospital (pitocin, demerol, epidural, percoset) have really traumatised me.
I personally was a big fan of my epidural. I had labored for maybe 12 hours with a couple of shots of narcotics (which did nothing and made me "loopy" feeling) on about zero sleep before the epidural and it was a lifesaver for me...I was finally able to get a little rest and the contractions were debilitating before that (but duh, labor hurts!). Then again I wasn't planning on a drug-free labor/delivery either.
This is a decision each woman has to make for herself, and I think that everyone should educate themselves on all pain relief options and cesarean sections, even if you are planning on a drug-free labor and delivery. As we know, not everything always goes as planned or expected so being aware of options may help if you do feel that you need or want something during labor (one may be better than another for your personal desires).