I would say it hurt just as much as any other piercing would. It was a quick maybe 1-2 seconds of pain, then after that, it was more or less 2-3 days of minor bleeding, which usually occurred at night while sleeping cuz of the erections you get at night. Then after that, there was no more pain or bleeding. It is actually one of the fastest healing piercings because of the location. Your urine cleans it every time you piss. I would say that I was completely healed in about 4-5 weeks.
I used it around week 2, which was a blow job from a random. She loved the sound it made as it ran across her teeth. As far as sex. Only time it would hit the g-spot would be doggy style with shallow penetration. Since it is on the top side of the vaginal wall, and the piercing is on the bottom side of my penis. My girlfriend enjoys it very much.
If you are thinking of getting one, why not? If you don't like it take it out, and it will heal and you will never know you even had it pierced. Plus, how good of a pick up line is this. I have my dick pierced. Every girl is curious. Every girl I have told, wants to see it. Then when they see it, they wanna know what it would feel like in their mouth, and in their pussy, and the rest, is history.
All in all, I would do it again.