Personally, I have not had this procedure done on myself, but two of my daughters have. The older one had it done when she was 23 - she had already had 3 children and that was enough for her to handle at the time, so she decided on the tubal ligation. It was, just as the other responses report, a very quick and nearly painless procedure for her. I took her to the surgical center early that morning and she was released around noon. She had two incisions - one just under her belly button and the other around the top of her panty line. I think there were only one or two stitches in each, and she went to the dr. a week or two later to have them removed, also quick and painless. If memory serves correctly (this was about 3 years ago, in 2006) she just napped the rest of the day and was fine after that. I don't remember her complaining of any pain.
My younger daughter just had this done last month (March 2009) and she too had all the same experiences - to the hospital early AM, no real pain, stitches in same places, back home around noon, slept the rest of the afternoon, and has recuperated just fine!
In both cases, insurance covered most of the costs involved so I don't know how much was spent - but our younger daughter just got a bill for $135 from the hospital. Evidently that part wasn't covered, but all-in-all the events worked out just fine and my girls didn't suffer any ill effects. I, too, hope this info is helpful to you!