Having yet to experience labor and birth. . .please take my advice with a grain of salt, but here is my take.
With an epidural, you are simply delaying the inevitable. Birthing 7 pounds of baby will NOT go unnoticed, whether you get an epi or not.
Allow me to explain
With a natural delivery, you are more likely to be able to eat and drink so that you have energy to push your baby out. You will also be more able to move into positions that are much easier for your baby to descend, and thus less likely to experience things like shoulder distocia and the like.
Basically, you 'get it over with' and you are done. Yes, you'll be a bit sore, you *may* tear a bit, but if all goes well that will be the end of it. Physically, your body will be RUSHED with hormones that are both loving/bonding hormones (sadly, you don't get those in medicated deliveries), as well as natural pain killers (endorphins).
Now for the epidural
When you get an epi, you will not be allowed to eat or drink. Remember that a laboring woman burns a LOT of calories.
You will likely have a catheter, which can cause infections, discomfort, etc.
You will be stuck in bed. This makes it harder for the baby to come out - as the movements mom makes in a natural delivery assist the baby in descending.
Epi's often cause labor to slow. The doctor may augment with pitocin, which causes very painful contractions and is also hard on the baby.
That slowed labor COULD result in a c-section.
Laying on your back to push is counterproductive, but with an epi, you will probably be required too. Remember, you haven't eaten in several hours, are tired, and hungry. This is where the 'delay the inevitable' part comes in! Pushing on your back increases your risk of tears, as well as increases your risk of things like shoulder distocia. You may also need a forceps or vacuum delivery, which usually require an episiotomy, and can be dangerous to your baby. Most OB's will treat an epidural/shoulder distocia by landing a nurse on your belly to push down HARD, while they cut your vagina open and pull the baby out, possibly breaking it's collarbone. (NOTE. . .there are safer ways to relieve a Shoulder Distocia. . .lookup the Gaskin Maneuver. . .it makes PERFECT sense. . .breaking the clavicle should be a last ditch effort)
Because you are on your back (fighting gravity. . .try pooping on your back!), the doctor will likely pull on your babies head to help birth the shoulders. . .this can cause serious damage to the baby.
When all is said and done, because you couldn't feel your lower extremities, you probably pulled muscles and caused nerve damage in your legs during pushing. This WILL hurt when the epi wears off. As will your new episiotomy, and worse yet. . .
THE C-SECTION! You do NOT want to recover from one of those. . .but getting an epi, especially one where it results in dosage of pitocin/syntocin, increases your risk of landing in the OR.
Let's not forget, you are DRUGGED. Ever felt a hangover?
So, I'll say it again. Go natural, experience the rush of hormones that come from birthing your baby, breath, relax, and let your body do what it is MADE to do. . .OR. . .get the epi, don't feel a thing during the birth (except for loads of pressure. . .epi's don't take everything away!), but really eat your words when it comes to recovering from all of the above
Ask any woman who has had a medicated birth, and a natural one. . .most, if not all, will say they'll take the natural birth and the quick recovery over the medicated one and it's complications.
HTH! It's perfectly normal to be scared. As a first time mom myself I have some days where I seriously can't wait for delivery day and I'm unafraid. . .other days I question my sanity and resolve. It doesn't help that here in the U.S. you are 'weird' if you aren't signing up for an epi at 3cm.
What I find helps. . .is to imagine yourself having a safe, easy, natural delivery. Imagine how you might cope with the experience. . .do you embrace the pain (one step closer to baby). . .do you think of it as 'pressure' instead of pain (a new sensation, yet one that is normal), or do you allow yourself to freak out? Imagine what you WANT, and you're more likely to get there