>>7444106A higher priced razor is usually a wet/dry razor. Some people think that means you can shave in the shower (I mean, you can but that isn't the point) when it really means it can be used with shaving cream. Using an electric razor with shaving cream gets a closer shave with less irritation.
Foil razors get the cheeks and chin really close, and some get blade close, but aren't good at getting the underside of jaw and neck area.
Rotary razors never get blade close but do a decent job and power through dense hair easier than foil razors.
On the whole the biggest benefit is you only need to replace the blades once a year to keep the razor in peak performance and the replacement blades are usually around 40 dollars for pretty high end razors making them cheaper in the long run.
A straight razor with proper moisturizing and technique with a good strap to keep it sharp is the best but time consuming and requires actual practice to achieve good results. I prefer the convenience and long term cheap operating costs of a good electric razor personally with a Panasonic arc5 and Braun series 5 being about the best. Panasonic beats Braun for closeness Braun barely beats Panasonic for comfort, but both are damn good.