So now that we're all on the same page about what is true about lipo and what is just nasty rumor, what exactly are you getting when you sign up for liposuction?
Liposuction is pretty much what the word says - sucking fat. Over most of the body, we have two layers of fat - one is relatively thin and superficial (right beneath the skin), and the other is just below it and more substantial in thickness. When plastic surgeons perform liposuction, we're generally aiming for the deeper layer, for a variety of reasons.

Small incisions are made in the skin, usually well under half an inch. This allows for insertion of the liposuction instrument. By using a metal cannula (a tube of varying diameters) attached to a suction machine, we plastic surgeons remove fat in a planned and controlled fashion. If you've ever watched any of those shows on the Discovery Channel that show liposuction being done, you may have noticed that it can seem like a very brutish procedure.
But if not for the care and strategy behind the technique (and for us plastic surgeons, there definitely is a lot of thought behind the muscle and sweat), the operation could go very badly. How badly? Best case scenario (of bad cases): a little irregularity or lumpiness. Worst case scenario: the metal cannula ends up in the wrong space (like lung or bowel), causing significant organ damage. There is also a lot of physiology behind good liposuction technique; fluids are a critical component of this operation, and they need to be balanced precisely to ensure a safe, successful surgery. Good reasons to choose your surgeon carefully!
When done carefully and correctly, the cannula removes tunnels of fat, creating a swiss cheese-like appearance in the fat that remains, which collapses and heals to give you a slimmer, flatter contour.
Liposuction can be performed under a local anesthetic, with or without some sedation, or under a full general anesthetic, depending on the volume of fat to be removed. It is so important to find a well-trained, experienced plastic surgeon (and an anesthesiologist comfortable taking care of liposuction patients), because as you all surely remember: liposuction is still surgery.
Like I've implied, liposuction is not a terribly sexy procedure, especially during the recovery. Because of the fluid shifts, patients are quite swollen and need to wear compression garments around the clock. Immediately postop, you do get a glimpse of what your new shape will be, and many patients are thrilled by how they look a few days later after the swelling has peaked. But stubborn extra fluid tends to obscure a lot of the fine contouring, and the dramatic final results won't be apparent for up to six months to a year after surgery, once all that swelling has finally resolved.
But if you continue to take care of yourself (a healthy diet and exercise regimen that help you maintain a stable weight), the results will be worthwhile and lasting.