Chest hair is a matter of preference, although those who don't regularly bench press their own body weight might want to think twice before removing any forgiving tufts of body hair. If you do, the best way to show off your hard work would be through a thorough waxing.
Many salons now specialise in men's waxing and contrary to the impressions given by women - itsn't isn't that painful. If you can withstand a decent gym session, you can handle a wax.
A sucessful wax isn't just about the technique of the therapist, it's what you do afterwards that counts. For an irritation free treatment, avoid hot showers and chemicals (like those in chlorinated pools) or exercise at least 24 hours afterwards. Waxing leaves pores open, leaving them more prone to irritation, so working up a sweat will mean your waxed chest won't be suitable for public display.
For those with denser chest hair, shaving isn't a practical alternative as it leaves a blunt edge to the hair. Those who do will also get some incredibly itchy regrowth within a few days. The skin will also be more prone to irritation from chafing and the sun, but there's a higher risk of ingrown hairs and cutting yourself.
For the rest of us, trimming chest hair to a more workable and visually pleasing length is the best option. A pair of electric clippers will do the trick, especially those with comb adjustments. Start with the longer length attachment, and work your way down.